Friday, December 5, 2008
How Are The Bears Feeling Today?
As you can see in the video above, the bears have gotten completely trapped in a short squeeze today and this week for that matter, lol. After Monday's "oh-so-scary-gap-down" the markets rallied on virtually nothing but bad economic data. That is extremely bullish. If the bears cannot push the markets down after the worst jobs report in 34 years then when can they? Tells are out there. The markets are telling you that the bears are drying up and thats all thats need for us to have a grind up higher.
It was pretty much a rocket taking off in the last two hours and we closed near the highs around 875. With last week's highs right overhead I would expect a minor pullback next Monday but if we can hold the 850s thats a great buying opportunity as I believe we will see a few weeks of continuation at the least. Of course its Friday and that means Monday is ages away so enjoy the weekend and we will see how the Asian markets react Sunday.
Oil continued its descent into hell, lol. Hitting lows this morning of $40.80 a barrel. Closing a bit over $41. Truly historic fall from the summer 08 highs of 148. Looks like its headed to $36 in the next month at least imo. I will look at the oil chart a little closer the next few days if I get the time.
I should be able to resume my normal posting next week as school will be less harsh. I am a college student still for the next 5 months and finals are right around the corner after all. See ya Monday.