Yesterday Greece announced its priminster would be replaced and the market went up. Today Italy announced it’s firing its own priminister and the market went up. What a joke! I think Spain should be next. But it didn’t matter the news, when the market wanted to go up, it would go up on any news.
The past 4 trading days have been all about shattered hope by ways of intraday reversals. Market went down big in the morning, but only to reverse in earnest by the afternoon rally. (It should really be 5 days but the first day had more intraday overlaps so I don’t count it.) Four straight days of shattered hope for the persevering bears. And now we’re above ALL moving averages, having giving up the last line of defense, the 200 day SMA.
1 trading day ago:
2 trading days ago:
3 trading days ago:
It’s been a curse that the proprietary indicator that I subscribe to has been flashing sell signals since May and still is sell. How could I be against the market for 20% over the past month and still haven’t bailed?! I have concluded this is not my style of trading, even if “eventually” the market fall off the cliff. One thing is for sure, I would not be trading my “portfolio” like this any more; may be just 1 or 2 “positions”. This is too much too wrong.
October high is the final straw. With the turkey and Santa rally coming soon, it really looked dire at best for the bears.
Portfolio Value: $121,000