Sunday, March 1, 2009

Is There Any Good News?

Don't look now, but the market closed below the November bottom.  As I said in my last post, if it closed below this, all bets are off.  Next week is a make or break week.  Either stocks need to bounce here or we could easily have another 100 points to the downside.  Just a few weeks ago, I honestly could not  imagine a scenario where we could lose that 100 points. But in this type of market, it is impossible to really predict what the heck is going on next.

The news out there right now is just bad and looking to get worse.  A few things that caught my eye

They say, when there is no good news, that is the time to buy stocks.  I am not so sure I believe that right now.  I still think we are only in the 6th inning with plenty of more pain to go.  At the very least, I think we are probably flat for the next several months here so there is no rush to buy anything.  I may take a small long position and see if a bounce happens, but it will be a very small position.  It will be a position I will get in and out of quickly either direction the market moves.

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