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Friday, October 16, 2009

DOW 36,000 !

I've been kind of hibernating lately. The truth is I couldn't find anything to say or to add to what had already been said.

The markets keep churning higher, and I guess most will be turning bullish soon if not already. I myself feel uncomfortable being bearish as of now, but let's remember what I said back in March: that P2 would make its work by turning everyone bullish and that maybe even I would start to question myself.

It's amazing how psychology works, I remember back in March people saying "Let the market go to 1100 pts again, or DOW 10,000... I'll go massive short!! That will be a gift..."

Many that have said it, now of course don't have the balls to do it. I don't blame them, I don't have them myself as well. We can't dive with our heads into this, we need to go with calculated risks. If indeed the market turns, there will be a lot of points to gain, either if you short at the top, or 100 pts lower. What I think is that 1 year from today many will look back and think "ohh it was so easy...if only...." - I think in a year from now we'll be way lower than where we stand today in my not so humble opinion.

Anyhow, the futures made some great action today and it looks like 5 waves have formed, meaning a bigger correction be in the cards, so I think at least a correction we should have. If it turns out to be the top even better, but let's not get carried ourselves just yet ...

Now... let's get those books out of our shelves shall we?

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