The early bounce has failed. That does not mean it won’t recover. However, the NASDAQ is bleeding badly and only old man DOW stocks seems to be holding up. Well, that and gold and silver, which is plenty ominous given how they’ve behaved recently.
I’m going to sit back some more and gauge everything closely. Betting against strong upward rallies has been a losing proposition for three years. Yet, there’s no doubt, looking at crap like TW or the recent biotech run, that there are some very bad bets floating around, which are only being made because: “Who cares? It’s free money, I can always get more”.
I’ll check back in Tuesday and see if I want to bet on history repeating itself. My guess is, even if we continue higher from here, there are cheaper prices to be had over the next seventy-two hours.
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