Next Week: If We Open Lower, Look To Be Long
May 24, 2008 2:05 PM
If we open below Friday’s low on Tuesday, look for an early reversal to be long. If we do get an early reversal I believe we will have a very strong rally. If we open up, it will make the trade far more difficult. Oil needs to clear 130.50 to the downside I believe to apply pressure there, and that should give the market a reason to buy and buy big. A lower open reversal would be a gift to be long and I suspect they may not make it that easy - but just giving a heads up if that happens.
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One Note: I am not saying go long if we open lower….I am saying look for a reversal early AND if we get it…we may rally. I am still VERY skeptical of the market and Buffet has repeated that he believes we will have a long and deep recession - the same as i have been saying, that the market is wrong. The market is VERY close to totally melting down…but i just don’t think it will here. You have the idiots like Cramer telling people to not panic…so I think i fake rally is possible here.
Be careful and take money when you can.