Friday, August 24, 2007


The market has been very strong today. Strenght in the tech sector, oil, gold, silver, steel and other metals. Mortgage finance and real estate are lagging. I've gone ahead and sold another big chunk of bull ETFs QLD SSO DDM MVV UWM this past hour.So far I have sold 90% of the my bull ETF positions that I held from last Thursdays lows. I think we will test levels below 13,000 on the Dow next week as well as lower levels on the S&P and Nasdaq. I don't care much for V-shaped bottoms or the volume. September is historically a bad month for stocks with last year being an exception. I wouldn't be surprised if funds start reducing long exposure next week.

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