Monday, August 22, 2011

The Week of Aug. 22

Friday was a good day...I was busy with the team other activties, and really didn't get a chance to look at the market until after the close.  Fortunately, my positioning made it another profitable day.  This week I'm looking to become more active.  After the last two weeks of rollercoaster moves, where do we stand?  Nobody knows, and if they tell you they do, they're just guessing too.

On the Bulls side, I'm looking for people to buy into some stocks after depressed prices offer some nice entry points.  Also, the shorts could be looking to lock in some profits soon and cover any short positions they may have.  The weakening market will also give more hope to bulls that Bernanke will initiate more stimulus activities to the economy to prop it up.  Good for us in the short term, but still just putting a band aid on bullet wound.

The Bears will tell you the end is coming and the drop to Dow 7000 is on its way.  I find this totally hard to believe, but anything is possible.  The Elliot Wave theorists point that we are either in a "Wave 4" bounce, or the beginning of a Wave 5 retest of the lows, with grim days ahead.  So.....wait and see, and then we'll tell you what wave we're in after the fact.  Real technical.

I'm anticipating an attempt to rally on Monday on some bottom fishing. Or, we'll sell off.  Again, I don't know, you just have to be ready to play what presents itself.

I'm catching up on my reading, so here's a few from the last couple weeks, with more coming soon.
 
Minyanville:  The week ahead
Zerohedge:  12 Points confirming the double dip recession is ahead
Marketwatch:  No double dip, but profits are going down
StockTwits:  The Insider Buying Lie
Optionetics:  This is Why We Trade
Attitrade:  Keep yourself accountable to someone
Investors:  QE gives US as Boost, and Hangover
Yahoo:  Goldman Sachs New Money Making Machine---Warehouses!
MarketWatch: Google going to 1,500
TraderPlanet:  10 Key Questions Measuring your Trading Progress
StockTwits.  Goldman COO gives advice to new Grads
Bloomburg:  Expect small growth rebound, no recession
CNBC:  Fed shooting blanks?

I'll have more later I read through more.

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