Sunday, April 19, 2009

Video - Weekend Market Summary - 4/19/09

Here's the video for the upcoming week. I am still under the belief (perhaps stupidly) that we are due to top very soon or at the very least pullback. I look at both daily and weekly charts in the video to show why I feel this way. We are not only overbought on a short-term basis, but when you look at things from a weekly basis, we are at historic levels in terms of being overbought. So basically, from where I sit, we are either near the top of a very strong bear market rally, or near the bottom of what should turn out to be a very strong bull market. Which one will it be?

I guess for me, it comes down to trust as I mention at the end of the video. Do you really trust the government and what they are saying? Do you really trust the banks and what they are saying? If you do and think they are being honest, then I think there is real reason to be optimistic right now. I personally don't trust anyone from Wall Street or Washington. I think they are all lying in some way(wonder why?) and that is one reason I think this all falls apart soon. I hope I am wrong - I guess we'll find out. I go over some short and long candidates in the video as well so you can be prepared for whatever the market decides to do. Good luck this week and be careful - still lots of earnings out there. Off to watch some hockey - take care.

To download directly, right click the above link and "save link as".


Anonymous said...

Hi Mac:
I hear what you are saying,and I see things very similar to you, that is I am expecting the market to correct, whether its an orderly pullback or a violent pullback, we shall see. however what the market does and what you and I thinks it should do are two entirely different things.
I thought we reached bottom in the fall of 2008 and boy did I pay for that mistake. So now I altered my trading from swing to day trading (personally I feel more comfortable with swing trading).
I have told myself until I feel comfortable with the market direction I will stay in cash or virtually all cash at the end of the day.
I see your loses piling up (I'm slightly positive), and that I understand damages confidence, So small trades and quick to lock in any profits in my book is the order of the day.
Keep doing what has worked for you and things will straighten out.
Enjoy you daily comments and market analysis, so keep up the good work.


dakapbj said...

Just a quick note to say thanks! I enjoy your work, as does my Dad. Not that you need to hear it from me, but don't get discouraged! This market is about to turn down. Thanks again and keep it up!

Mac said...

Thanks guys. Appreciate it.