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A Thin Red Line

(2008-09-03 08:15:59) 下一個

The volumn of yesterday\'s selloff was rather large. We haven\'t seen such large volumn for weeks. Classic post Labor Day\'s effect.

Naz retreated once it touch the 200 MA. After all, this is a bear market and you don\'t expect any indices can pass 200MA and remain there, do you? S&P is worse in the sense that, it did not go pass its Aug high. Interesting enough, oil touched its 200MA and bounced back after that. Small caps is the one that performed relatively well. Gold is down largely due to the strong US$ again. But eventually, Gold will resume its uptrend to over 1000.

Will the market go down from here right the way? I doubt it. MMs need to pee before they flush the toilet. Patiently adding to your short positions and take any rally to sell some of your long positions is still the way to keep you in the game. We haven\'t seen half of the worst yet.

That thin red line, the 200MA, will dangle around on the ceiling for a long while. This is a Big Big Bear.
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