I've been slow-on-the-draw this morning on the blog; sorry. One distraction has been the arrest of the governor of Illinois (which I'm sure you folks have been talking about, but I haven't peeked my head into comments all day). I remember before the election all the chatter about crooked Chicago politics, but wow, I had no idea. This is really vile.
Anyway.
I'm starting to tilt bearish pretty quickly. My longs have been great to me lately, but I'm starting to wonder if they've done their duty for the time being. For one thing, China has approached some pretty major resistance levels:
Given this, I've done something I haven't done in a long time…………..I'm buying FXP (price: $37). It's amazing that two months ago on this very day it was nearly $220.
As for the general market, it's got a tough time ahead, short-term; there's tons of resistance overhead.
My belief that we'll slug our way to 1,000 and maybe even 1,100+ on the S&P by early 2009 still holds, but there are profits to be made in both directions on the way there.
