Stocks Can’t Hang Onto Gains, End Badly
Posted on November 27, 2007
Filed Under Market Speculator |
Upbeat news out of the US retailers had stocks poised for a higher open until more credit concerns swooped in. The rally on Friday now looks more like a short covering rally than any type of accumulation. Market participants simply do not want to accumulate stocks and are waiting for another moment in time to begin operating on the long side. This market will need time to repair the most recent downtrend. I do not see, given the action lately a huge turnaround anytime soon. I would use any rally, more than a one day rally to start accumulating shares in some ultra-short ETFs. Otherwise, I would keep a lot of cash on hand and wait out the storm. There is no need to be a hero in this market.
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