June 12, 2006
Eulogies for the Global Stock Trend
I have to look at myself in the mirror every morning, so rest asssured, I am not easily shocked.
Only those in cash or short have something to smile about today.
I had been warning of this since mid May. The rest of the market mavens on my blogroll have as well.
The last few days of trading have been a nightmare for me and I should not have even dipped. That said, there will be opportunities for trading now that panic is setting in again and markets are fast. I am going to try and pinpoint my favorites, although my last few long trades (gold, russia, and India)are underwater for me.
To try the S&P I would like to see 121 on SPY's which is a nother 2-3 percent drop. For Gold, I want to see $20 more lopped of the metal to average in with more money.
Google still is very resilient and I am watching that stock for a turn. As I suspected last week, Apple is broken as a stock and could see the 40's so I am staying away for now.
A big bounce can also happen at anytime now as many stops have been cleared across a wide range of industries, including oil, but it is really tough to game.