Saturday, February 21, 2009

Quicksand

That's exactly what this market feels like to me: bottomless, engulfing, and a host of other words. It's getting very hard to find long action, and the trip down through all lines of support in an apparent leisurely, steadfast fashion by the market does indeed flash visions of myself trapped in quicksand, kicking and thrashing all the way. If I could find some branch to cling to, some bit of news to pull me out of this mess, I would be very hesitant to jump back in again.
I'm sure many of us are caught in positions right now that we'd rather not be in, but I am an optimist. I firmly believe that if were are invested in sound equities we can survive this and build some wealth. This may take longer than we initially wanted, but it will come to pass like all other things do in life. If you are not in right now it is best to stay on the sidelines until the bulls are running again. Have a good one,

Roger

Wednesday, February 18, 2009

A New Bottom?

Perhaps. Maybe not. I have to admit, Phil saw this plunge coming in a response to one of my posts, but I actually thought the bottom line of resistance in the DJI30 would hold and it broke down in grand fashion. This downward bias breakout is not sustainable, but whether we will see a sustainable trend upward is the big question. It will happen, but when it will happen is a total guess at this point. There still may be some excellent trading opportunities as the market pauses and corrects in small increments, and I'll be evaluating HOLI, ASGR, and MMM as possible plays for myself should the futures point higher this morning. Just be patient and remain calm in the face of all the panic we are seeing. It's hard to do, but we have no choice.

Have a good one, Roger