Bad Start to the Year
Posted by Sean Hannon
January 2, 2008 at 3:13 pm
    If you are bullish, this is no way to start a new trading year. Initially the market looked to be treading water and trying to determine which direction to take. Around 10am, stocks started to crack and have not stopped. Looking at my screens, very little is showing positive momentum. The few stock heading higher are coming off many days of lower prices and could be nothing more than shorts covering their positions and heading toward the next target (i.e. - SHLD and CROX). In this market, I am glad to have minimal equity exposure and a handful of short names. While certain stocks looking tempting on valuation, the market as a whole needs lower prices before I feel comfortable taking a bullish stance.
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I think you can sum up the lousy start to the year by asking yourself one simple question: Why would I want to be buying stocks right now?