I saw these articles side-by-side in this morning's New York Times business section:
As bears, this is precisely what we want to see. When someone like Ben Stein writes a column titled, "I Give Up – There Is No Hope", then we can start getting aggressive on the long side. As long as folks mired in the mindset of the 80s and 90s keep mewing about how things have turned a corner, we can continue to feast on them.
I'm looking forward to this week. I have a mountain of juicy short setups waiting in the wings. I do think the S&P might have some more upside left – – say to around 925 or so. But take note of the tinted pattern as well as the moving averages. I like what I see.
For me, a very safe shorting area would be if the S&P were to poke above the top of that recent tinted area. The last time it did this, it was able to struggle another 1% higher before succumbing. I think I will avoid any index bets until such a move took place. In the meantime, I will judiciously enter new shorts that I've already got waiting in the wings.
