Posted by danbowers on 22nd of Sep 2008 at 10:56 pm
I agree with you on that totally. But I would wait for some more
time before going short. We just saw some lows last week and we saw
some significant high volume "short term capitulation" .... I don`t
see any reason for any aggressive selling to set in at this point.
Most of the bad news is being digested. We now need another round
of bad news.
Remember that only about 2 months ago we were ina similar
situation and then wells fargo sprung some surprise earnings and a
foolish dividend increase and that set the market going for almost
5 weeks. I am not saying that we might rally but
I highly doubt we will go back to last week`s lows. This is just my
personal opinion.
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Posted by danbowers on 22nd of Sep 2008 at 10:56 pm
I agree with you on that totally. But I would wait for some more time before going short. We just saw some lows last week and we saw some significant high volume "short term capitulation" .... I don`t see any reason for any aggressive selling to set in at this point. Most of the bad news is being digested. We now need another round of bad news.
Remember that only about 2 months ago we were ina similar situation and then wells fargo sprung some surprise earnings and a foolish dividend increase and that set the market going for almost 5 weeks. I am not saying that we might rally but I highly doubt we will go back to last week`s lows. This is just my personal opinion.