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Thursday, October 29, 2009

The script changes


You can't say that 3.5% doesn't matter. Goldman knocked GDP numbers down to 2.7%, and the bears attacked the market, shorting everything.

Instead, we once again, got the 5.6% correction.

Anyone playing this pullback, like myself, now won't.

It's over.

The bears did the exact same thing on April 20. They attacked the market, and were convinced it would roll over.

It didn't happen.

So you can now look at your charts, and the charts will tell you that the market is rolling over, or you can cover your shorts and buy.

You have to cover. And buy on the 80th anniversay of the 1929 crash!

6 comments :

Anonymous said...

3.5% growth is pretty damn impressive!! You can always count on americans to buy worthless crap :)

Palmoni said...

Isn't that the truth--or someone is!!

Good not to be conflicted--Now we March to 1120!

Anonymous said...

Wow...so our chat last night where you mentioned that you were going to be still short term short is now really over?

Anonymous said...

What are your thoughts on C? on GCI?

Palmoni said...

Yeh--I really don't enjoy trading the downside. I'll do it to make some money if I think we are coming in, but I just don't like shorting.

My thesis is a big bull market--and you have to be so right to scalp on the downside.

A lot of people think we are rolling over. But that thesis got weaker this morning.

And it's not just the 5.6% pullback--Stocks have already been crushed.

I'm booking them, and covering all my hedges today

Palmoni said...

I took some GCI this morning