Finally today IBD called the rally off. I never really believed in this last one that was called a Follow-through on the IBD85-85, but I know it's easy to say that in hindsight. Now things look pretty grim. Thursday was bad and many expected an oversold bounce to drag this out another couple weeks, but it was not to be. Friday was just brutal. Biggest downday on the nasdaq since 2/27/07. It gapped down firmly below the 200d, undercut the Dec lows, then dabbled with the Nov lows before closing near the low of the day to take them out. Does it get much more bearish?
My 3 longs are still working, but my 7 shorts are killing it.
Also, it *IS* a good time to buy gold. It could very easily hit $900 next week and then it's only a hop, skip and a jump to $1k/oz.
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1 comment:
Nice Blog :)
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