Wow, just reading some of my favorite blogs, I'm starting to think I'd better get bullish soon or be the only bear left on the planet. To wit:
- Evil Speculator is talking about some major upward moves in the market, with pushes in major indexes of about 35%
- Elliott Wave International is pretty much declaring wave 3 history and focusing on wave 4, which they describe as a multi-week or multi-month major uptrend
- Technical Indicator (as of last night; they tend to do their updates very, very late) is also focused on a big push higher in the coming months
All these folks agree that once the push higher is done, all hell is going to break loose, and the lows of this month will be shattered. I'm definitely in this camp, and I've been in that camp for a while now – – – prematurely buying into what I thought was wave 4, and getting smacked for it.
If we are indeed pushing into a wave 4 uptrend, it's going to try our patience. I admit, I'm not a big fan of up-markets; it's just not really my style. But I've got a fair number of stocks I got at "bargain" prices late last week, and I'll just keep bumping up my stops on those to hopefully enjoy the ride. But the fact is I like shorting about a hundred times more than going long, and I can't wait until equities are fat again so we can jump out of our hiding place. Until then…….unbearable patience.
As a closing note, I will say we're probably in for one more decent dip (not to new lows, but to at least take some of the froth from the last two days off), and I'll be more interested in other long positions then rather than now. We've got up really fast, and I'm not into chasing rallies.
