June 12, 2006

Eulogies for the Global Stock Trend

There is so much damage to global equity markets , not to mention panic, that anything other than a bounce from these levels would shock me.

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.

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