Friday, September 18, 2009
Just as the GE hammer bottom we talked about in our March post was a great time to buy, now is a great time to sell. Middle to late September should be the ultimate time to get out. Yesterdays action was indicative of a short to intermediate term top. Leaders like GE made major reversals yesterday, forging into new high territory and closing lower on volume. Will this be a pause that refreshes or the beginning of the double dip to test the lows? No one knows for sure, if they claim that, they are liars. But I can smell profit taking.
Monday, September 14, 2009
One year after Lehman and nothing has changed. Banks will not lend you money but they will charge you exorbitant fees for overdrafts and late payments. Bank management will award themselves elaborate bonuses while laying off their underlings. Foreclosures continue to set records, NFL stadiums are not selling out, ticket sales on Broadway are down. The average persons life sucks whether or not the banking system was saved.