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Wednesday, March 4, 2009

This rally should stick

I have been looking for a short term bottom since end of last week. This week we went down , but the stocks like AAPL , USO , QCOM , WFMI ( I own some calls on all of these ) did not breakdown and maintained their strong support though did not run away.
Now in this rally , which I expect to last at least a few days, I will sell all of them unless they show great strength ( good volume and good pice action).
I hope we get sharp rallies as this is a bear market and the path of leastresistance is down.
Some veterans are saying this should be the low of 2009 , meaning 693 on the S&P500 should be the low and the markets will be higher than that for the rest of the year.
I am not so sure. Other smart people say S&P500 to 600 will be a good point to buy some good stocks.
I am a trader and will keep the big picture in mind and trade with the short term in front of me.
Good Luck.

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