Greed Is Good
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Like the heading says watch out as there may be a bear trap coming. With the bearish market appearing to take hold it is very easy to get carried away with it all.
In the last hour the Dow Futures went from -60 ish to -14 ish now. Mainly on the back of 3M & Bank Of America's results. If you went Short pre-market open as you thought it was a foregone conclusion for the Dow to open with heavy loses now may be a good time to reconsider that position!!
I cannot help but feel that last week we had a few events which smell to me like someone big (Warren Buffet via Berkshire Hathaway perhaps) is manipulating things around a little. Read an article the other day which suggested that Buffet had leaked some info that the markets would be choppy for a few days as he was re-positioning $20+ Billion of investments & to expect some unusual market activity.
Last Tuesday the Dow went on a 187 point rally reversal which seemed a little strange as the negative data driving it made Traders happy as they assumed there would be a slowing of interest rate hikes. Then for the next 3 days we get a 420 point sell off even though oil had dropped the damage has already been done and many now fear a recession rendering interest rate fears obsolete.
It seems unlikely right now but a corrective bounce may happen today as the market appears to have over sold Friday. This is a perfect time for bargain hunting so there could be some major players in buy mode this afternoon.
Good luck to everyone.
In the last hour the Dow Futures went from -60 ish to -14 ish now. Mainly on the back of 3M & Bank Of America's results. If you went Short pre-market open as you thought it was a foregone conclusion for the Dow to open with heavy loses now may be a good time to reconsider that position!!
I cannot help but feel that last week we had a few events which smell to me like someone big (Warren Buffet via Berkshire Hathaway perhaps) is manipulating things around a little. Read an article the other day which suggested that Buffet had leaked some info that the markets would be choppy for a few days as he was re-positioning $20+ Billion of investments & to expect some unusual market activity.
Last Tuesday the Dow went on a 187 point rally reversal which seemed a little strange as the negative data driving it made Traders happy as they assumed there would be a slowing of interest rate hikes. Then for the next 3 days we get a 420 point sell off even though oil had dropped the damage has already been done and many now fear a recession rendering interest rate fears obsolete.
It seems unlikely right now but a corrective bounce may happen today as the market appears to have over sold Friday. This is a perfect time for bargain hunting so there could be some major players in buy mode this afternoon.
Good luck to everyone.