8/27/09 - Wow!

[Doji3333]

Can you believe these markets?

While the S&P and other major indexes are somewhat flat, other US equities are ROARING.

I'm torn between thinking it will continue ROARING and if/when it will pullback?

After such a HUGE drop. Is the "ceiling" really the top of 1+ years ago?

What are your thoughts?

[Doji3333]

Well, no comments - eh?

Then I'll add some of my own.

I sold just about everything I had about a week ago. I feel we are due for a substantial retracement. The selloff early this week may just be the beginning.

I initiated 3 shorts to protect the rest of my longs and initated a long position in Natural Gas.

In the long run, I believe the markets are headed much higher and now is the time to try to protect profits (if you have any). I believe there will be another opportunity in the near future to buy many us equities at lower prices in the next few weeks.

I would expect a further downward retracement in the next few weeks. If you spend some time looking at Daily charts, you'll probably see what I'm seeing. But don't expect a new bear market, just a pullback.