Courtesy of David of All About Trends
WOW! Folks I could write a book on all the technical and emotional action over the last few days!. All classic broken record stuff we talk about around here everyday. In Wednesday and Friday’s Newsletter: "Being short can be just as dangerous especially AFTER we fell like we have. We sure would NOT be selling anything short right here. If we wouldn’t be selling anything short here should I be selling at all? Well yes if we’re one of those emotionally impulsive types who loves to get emotionally whipsawed we would be, BUT that is not who we are at All About Trends." Aren’t you glad you never took counsel of your fears and held on in the face of fear? Better still, if you had short positions aren’t you glad you heeded our advice and walked away from that side of the market? Yes, I know it was pretty gloomy out there but as we’ve always said: Its darkest just before the dawn! We’ve talked also numerous times about being ATTACHED TO OUTCOME and now you know why we warn against it and against targets. How do you all think those who are firmly convinced we were headed to a full blown breakdown are feeling today. Remember Wall St. has a way of doing exactly the opposite of what most think its going to do. If everyone is super bearish? Watch out because Wall st. is gunning for you and vice versa. Sometimes the risk of not being there is greater than the risk of being there. Over the weekend we said: First off let us say we wouldn’t read too much into Wednesday or Friday’s low volume holiday trade which amplifies moves in both directions. We’re not saying we can’t short term go lower but we will say the bulk of the damage is done to the downside baring a scare ‘em out opening downside move. It all depends upon whether the market on Monday wants to run with the Black Friday retail numbers and inflict the most pain possible to the short sellers who are firmly convinced we are going to heck in a hand basket after we…
