Friday, May 14, 2010

The Bears have it!

Well dear readers, if you are bullish, I have good news and bad news for you. The good news is that the S&P ended positive for the week. The bad news is that we ended this week the same way we ended the last one.....with bears totally in charge. Now, one might argue that the market closed well off its lows and if you are bullish, you might take some encouragement from that. But, I have some bad news on that front too. Considering what happened to those who were short over the last weekend this Monday, it is not too hard to imagine that many did not want to hold their short positions going into the weekend, and covered into the close, leading us to close well off lows. The bulls should also be discouraged by how easily they gave up control of 1150, an important level. I admit I expected them to show more fight here. Euro took another beating and one wonders what the Euro zone can do now. It is quite possible that they might have already played all their cards last weekend. I will end this post right here dear readers as I will be back sometime during the weekend trying to gaze into the future, seeing where we go from here.

Have a great weekend!

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