Post by brosin on Jul 2, 2010 14:36:36 GMT -5
Lunch break here on my first day in the new spot/new role.
After much deliberation over the past couple days, I can say with confidence that I remain a bull. From a technical perspective, it seems like everyone has thrown in the towel on the market since the up channel is clearly broken in almost every sector. So now you have bears jumping on technically speaking thinking that this is 2008 and we will head down in a straight line.
Sideways is a doomish word for traders, but it is a distinct possibility I believe. The economic landscape is currently not nearly as bad as the market seems to suggest it is going to get. This is not 2008 in any way, shape, or form. The Gulf spill, while environmentally disastrous, will not bring the entire global economy to a halt.
I believe cooler heads will prevail and am excited about being able to potentially add to longer term positions in the coming weeks/months at what I see as bargain prices. So many big cap stocks are now back trading at sub 10 PEs / sub 1.0 PEGs.
8/28/10 UPDATE: 7/1 was actually the bottom (1011), so I was a day late in this, but 7/2 was a pretty doomy looking down day to start before the market began the recovery to 1129 for 10.5% before correction would start 8/9 = thumbs up call
After much deliberation over the past couple days, I can say with confidence that I remain a bull. From a technical perspective, it seems like everyone has thrown in the towel on the market since the up channel is clearly broken in almost every sector. So now you have bears jumping on technically speaking thinking that this is 2008 and we will head down in a straight line.
Sideways is a doomish word for traders, but it is a distinct possibility I believe. The economic landscape is currently not nearly as bad as the market seems to suggest it is going to get. This is not 2008 in any way, shape, or form. The Gulf spill, while environmentally disastrous, will not bring the entire global economy to a halt.
I believe cooler heads will prevail and am excited about being able to potentially add to longer term positions in the coming weeks/months at what I see as bargain prices. So many big cap stocks are now back trading at sub 10 PEs / sub 1.0 PEGs.
8/28/10 UPDATE: 7/1 was actually the bottom (1011), so I was a day late in this, but 7/2 was a pretty doomy looking down day to start before the market began the recovery to 1129 for 10.5% before correction would start 8/9 = thumbs up call
