Today was terrible day for the bulls. They gap us up and thought they would get some more upside and bam the sold us off. I for one was totally blindsided by the move as technically it looked bullish but they just could not end the selling of the bears. Man today was surely one of those days for the books, it was that crazy.
Next week is March and I think March will be one of those special months. I thing we hit a low much lower than the November lows in March and scare out many, I know I sound like a broken record but that's what I see.
The banks were the best performers on my list today, how crazy is that but they are thinking the administration is goign to pull something magical out of the hat. Let me tell you there is NO PLAN, if there was one we would have heard of it already. I am still short STT and WFC in the banking sectors and staying that way. The fact is the banking industry on a whole is making ZERO profits and it will be like that for a long time so why buy those stocks.
Lets rock
MARKETJEDI
Thursday, February 26, 2009
Goldman Target
Goldman Sachs just initiated a S&P target of 650 5 minutes ago. I guess the big guys are now bearish
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