iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,510 Blog Posts

Sellers Exhausted Themselves — Here’s What Bulls Need Now

This is precisely what you want to see in a downward spiraling tape: a boring close. Nothing too crazy. Heck, even the Russell closed lower on the day. Breadth was abysmal and nothing really looks good — aside from SAAS.

Bulls need at a minimum 2 more up days — strong from open to close. We need some hollow candles on those charts. Volume isn’t necessary, just price stabilization. There are leadership stocks in software readying to shoot higher. All we need is a little Fezziwhig joy and Xmas spirit and off we go.

Recapping what I did today: I covered all of my shorts this morning and re-upped my position on TLT to maximum and bought some NUGT. My cash is 60%.

If I see stocks open strong tomorrow, I will very likely allocate heavily on the long side.

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2 comments

  1. acehood

    How short a leash on nugt?

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  2. cancel19

    Wow, you mean my platinum $PPLT stray mutt won’t get euthanized?!

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