Nearing Bottom??
Posted by Sean Hannon
November 20, 2007 at 2:43 pm
    As we violate the August lows, a handful of the tech bellweathers are holding up. Google (GOOG) and Apple (AAPL) are higher on the day. Could this be a repeat of August 16th when the financials resisted to crash and the market bottomed? From my view, this could be a great short-term trade. Get long the high beta names and use tight stops. If the DJIA closes below 12,845 the primary trend will have shifted from bull market to bear market and you will be stopped out of your positions. If we bounce from here, you could pocket quick gains.Â
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lets hope we bounce into a market with no gravity
This is a tough call. The weakness has been quite tremendous, but it seems as if we should somehow have a short term bump higher. I’m keeping quite a bit of cash, too risky right now to do too much.