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Friday, November 14, 2008

Yesterday's action not good

I know it read great. And felt great. They were careening towards putting in some kind of hard bottom at 7500. Instead, massive rally took them back into the risk zone. The charts still read awfully. I come up with prices like RIMM $30. AMZN $30. DELL $4. INTC $11. I'm starting to think that 7500 isn't even going to be a bottom, just a waypoint on the way to 6000.

I know sometimes it sounds like I've got two faces. I remain long-term bearish but I'm trying not to get chopped to ribbons in the rallies. It's tough. Generally bear market rallies have a couple of days of strength. Sometime late Monday they're probably a sale again.

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