MysteryTrader's Commentaries
Sep
29
2006
Don’t run over the cliff with the lemmings!
by MysteryTrader
Overall Rating:
Everyone says a new high on the Dow is in the bag. The market goes up every day and surely will continue to go up forever. Media commentators are bullish, bullish, bullish. Wall Street urges us to Buy, Buy, Buy!
As Joe Granville says, what is obvious to the majority is obviously wrong. The market is overbought, and my guess is that a hard correction is due next week.
Month-end seasonals expire on today’s close. I may trade two sides (both long and short) during the day today, but I definitely want to go home short this afternoon.
Tags: economic-events
