I was really tempted to scale in some shorts on Friday, and then common sense prevailed... NEVER TRY TO PICK THE TOP... even if it had turned out to be the top, any decline is still a counter trend, and should be reserved to those who are very quick and nimble... the rest of us don't really stand a chance playing the counter trend.
Not much has changed since my last posting. It does not matter that forclosures have skyrocketed, Greece is still in trouble, America is still printing money like mad, unemployment is still a major problem... for now all we should be aware of is that we are in a raging bull market (although possibly the final leg prior to a very nasty unpleasent surprise).
Anyways I said the SPY was toppy back a few weeks ago, and now it is really toppy... although it will not surprise me at all if the SPY were to make it to 125 before a quick scary pullback occurs (say to 110-115 in a matter of a few days)... and it has got to happen one of these days, and that pullback will be the time to back up the truck, and load up on stuff related to oil, gold, or heck even stocks.
For GLD I would expect a pullback to about 108 (or even 105) will make for an attractive entry point.
Perhaps the market needs to wait for an excuse to pullback, perhaps after options expiration this week will be that trigger. Eg. kill the shorts, and whip the longs around playing games and then use the problems in Greece or Portugal to correct the market so the big boys can pick up shares at cheap prices. Then put out some prediction of oil going up to $300, make oil skyrocket, sell all the stocks that have rallied to the little fish before the final crash and the start of the great depression 2. At least that's what I think will happen.
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