..when there’s so many reasons to be a bear. With that being said, maybe that’s the biggest reason to be bullish? All of the major sectors that drive the economy look like they’re about to roll over and die. I realize that government intervention never works, but are things really that bad? Bear markets really are a different beast to trade and it’s no wonder most people lose their shirt.
Big distribution day yesterday.
Fresh week one breakout to the downside on a weekly view.
Doesn’t look like many products are being shipped anywhere.
And my favorite sentiment indicator is still in major bear territory. Another big up day will have this is shouting “short the market.”
I entered a few shorts today and I’m essentially flat on those trades and exited out of my USO trade not because I think it’s going to head up, but I wanted to take my profits while I had them.
I think I’ll spend tomorrow observing how gold digests it’s big gains today as it should pull back. I’m seeing a lot of speculative gold/silver companies (RBY, EXK, VGZ, UXG) have huge days today, and when those type of stocks start to move it might be time to take some of your gains off the table because they’re due for a pullback. However, I think gold’s current rally will have some legs given the strength of the move, but a short pullback will be very healthy.
