This action was so predictable from a psychological standpoint. At the low ( look below for bottom call bounce) Market was in panic then bounced when little "green shoots" appeared..(Reminds me of a flower garden I put in the back yard. I thought the green shoots were the flowers budding. So, I watered and fertilized them and they turned out to be weeds.) hmmm sounds like a parable to this bailout and stimulus plan. So do we get an "L" shaped recovery?
My DXO play is gold at this point, but now I am debating whether to sell it from my 2buy point. The play wasn't just on the price of oil recovering based on demand but also an inflation play from the results of pork barrel spending by our government resulting in dollar weakness and rates rising. This also is launching precious metals. At this point I am just scalping. Tech should rollover here after there meteoric rise if the broad market continues it's sell-off. That is if we break the low end of the trading range. Tech has been leading.
0 comments:
Post a Comment