Monday, December 31, 2012

Don't Bottom Pick

I'd be willing to give 80% odds that this little lift in the futures is quickly sold off at the market open.  A lot of people seem to want to be optimistic here, but there is little technical reason for a bottom.  Everything has room to run further IMO.  Some people say that acceleration won't occur unless a downgrade is announced, but I would disagree.  In 2011, the official downgrade announcement came only a two trading days before the short term bottom was in.
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