Don't be long here!! you will be catching a falling knife. The fact that Goldman Sachs couldn't give us a bounce and the market dipped below 12000 today make me think more and more people are giving up on the market. People we are not going to 14500 anytime soon. I remember end of last year Cramer screaming on tv that we will be above 15000 on the DOW in a year!!! why dont people all him out on that, just beyond rediculous. Why dont people call cramer's show and say, hey Cramer I bought some long spiders because you said we going to 15000 on the DOW.
We have a chance to see 10000 before 15000 in my opinion but then I dont want to scare people who read my blog :)
I will tell you this why would be market go to new highs when:
1) Trade deficit at record.
2) Dollar at all time lows.
3) Oil at record highs and going higher.
4) Housing at slowest pace in 23 years.
5) Housing prices decline largest in history.
6) Personal debt at highest level in history.
7) Unemployment highest in 7 years
and I can go on. All these factors and people looking for the market to go higher. Come on folks it aint happening. Not a hot in Hell. Don't invest in this market it is a traders market and you will be broker than broke if you listen to the idiots on TV.
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