The market is set up for its third and final "fail" from my perch as the fear trade has begun to set itself up. The buyers of the last two tops who placed their bets that the "bottom" was in are now realizing that the two hour black box rally that occurred on Thursday does not a bottom make.
We are setting ourselves up here for a test of the 2003 lows unless somehow, someway, things can reverse. Don't bet on it and watch the XLF today. I'm short BBT and long SDS going into today. Good luck traders.
Tuesday, November 18, 2008
No Triple Bottoms In My World
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
2 comments:
I like your call that the guy's got burned 2x and that is enough. Plus we are still seeing hedge fund redemptions (you would know more about this than me)... but that has a huge contribution to sell side pressure.
There was a triple bottom in the S&P from July 2002 to March 2003 around 800.
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