By 10.30 a.m. the market had moved down 50 points. We continue to see with the market struggles that there appears to be no strong correction, but instead a mild one.
It's not yet time to buy stocks, as we tell our www.bluechipoptions.com subscribers, although Gold and Silver hold steady. We'd like to see the Dow close about 10,260 to begin buying again, for what we think will be more upside.
By late afternoon we were down over 100 points and right again struggling at major resistance lines. We are able to buy entry to our new call at 5.50 to 6.30, and remain bullish for the short term.
We'll stay with open calls, no puts, and close our eyes a few days.
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Can you blame investors for being blase, with bulls barely buying, and bears barely selling?
How much economic woe is already priced into equities? This is a key question, one that we are studying at www.bluechipoptions.com
Often the market pre-prices itself in advance of an FOMC announcement, but Bernanke's "truths" last Friday make us question if "woe or fear" is already priced in, or if we must repeat recession history.
With news-bytes conjecture as to our demise is imminent.
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