Saturday, March 14, 2009

Video - Weekend Market Summary - 3/14/09

Here's the video for the upcoming week. Basic thesis is the same - we are overbought and these recent gains have come on volume barely above average. If this was a real bear market bottom or even the start of an intermediate-term rally, we would have much higher volume off the bottom. In addition, I have an extreme lack of good setups on the long side, while at the same time, I have many decent short setups. So overall, I just see the risk/reward as being very poor going long right now. Wait for a pullback and see how the market acts when it does pullback. Maybe in a week I will turn bullish. Right now, however, I am short-term bullish and longer-term neutral to slightly bearish. Good luck and enjoy the rest of the weekend.


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4 comments:

MarshalN said...

I think you meant "extreme lack of good setups on the long side"?

Anonymous said...

Great video with some nice short setups.

Anonymous said...

Thank you for the great chart analysis. I am nervous that this bounce is over as well. Have you ever looked at candlesticks as a way to possibly fine tune your entries and exits??? They sometimes seem to be a good way to spot turns but I notice that you do not use them. Talking dojis and hammers here. Anyway, thanks again for blogging and posting the videos.

Charlie G. said...

Nice video again. FYI, SGP being acquired by Merck.