It is my view that we're in a state of irrational exuberance, just like Greenspan stated in his 1996 speech.
Assets, especially stocks, are still overvalued, despite the decline in the past 6 months. The credit crisis, although calmed a little bit, is still extremely bad and companies and consumers are unable to borrow money.
Obviously daytraders cannot or shouldn't have a bullish or bearish bias. However, as both a swing/position trader and daytrader, I still see deteriorating economic conditions that will push us lower into the 2nd half of the year. I have been adding short positions throughout the past few weeks, especially on that Tuesday where we were up 390 or so.
I'm surprised S&P futures are up 7.50 right now and Dow futures up 59. I'm thinking more bank rumors may spread soon, especially going into earnings season this week and next.
Disclosure: Long 200 SDS and Short 2 ES Futures into tomorrow morning (avg 78.75)
Assets, especially stocks, are still overvalued, despite the decline in the past 6 months. The credit crisis, although calmed a little bit, is still extremely bad and companies and consumers are unable to borrow money.
Obviously daytraders cannot or shouldn't have a bullish or bearish bias. However, as both a swing/position trader and daytrader, I still see deteriorating economic conditions that will push us lower into the 2nd half of the year. I have been adding short positions throughout the past few weeks, especially on that Tuesday where we were up 390 or so.
I'm surprised S&P futures are up 7.50 right now and Dow futures up 59. I'm thinking more bank rumors may spread soon, especially going into earnings season this week and next.
Disclosure: Long 200 SDS and Short 2 ES Futures into tomorrow morning (avg 78.75)
