This market is very tough, yesterday it scared the shorts, on a strong rally, XLF was up over 6%. Today, it scared the longs, XLF was down close to 6%. And Dow was up 150 yesterday and down over 230 today!
I think this is again a sign of uncertainty, and when the market takes off, both shorts and longs are gone. Only the long term investors and funds are in, short term longs and shorts are out.
I have to think the next big move is up. But what do I know, I was wrong already since middle of June, after brilliantly exited commodities by then, but decided to try financials, what a mistake! Now I gave most of this years profit back, and on danger of losing should market continue this relentless selling!
I'm sitting on these holdings. Still hope for a bounce. And hope is a four letter word.
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