News_to_use predicted a market top 3 weeks ago, based on his "professional reading of the VIX." And didn't he say a few posts ago that he "wouldn't post here again"? Looks like everyone's catching on to his b.s.
After the S&P broke through 875, I think the next natural resistance is 943 (Jan. 6 yearly highs). The Nasdaq led the market and showed some signs of cracking. The DOW is behind the S&P and behind the Nasdaq. So, I think its a little early too call the market top so if I was going to short, I would go after the Nasdaq (maybe QID rather than DOG, SDS, SRS or FAZ).
The government has done an excellent job with the financials. Its got the power/incentive to keep this market going up. The next thing you know is that they will "reduce" (forgive part of) their ownership in these companies and that will sink the shorts further :-)
As for UT, I think you can still vote against Lu even if you just sold recently. Please do so and help the remaining longs...Thanks.
Tim - you are correct, S&P do a could hit 943, and I was well aware of that(2 newletters I read had mentioned that same number), but that is less than 1.5% above all my indicators said that we drop from here. I think most people and money managers are not aware yet that the Chinese have virtually stopped buying treasuries. In the last quarter, they purchased only $7.7 billion versus $146.2 billion in same period last year. Our Fed has been the major buyer and even with them buying a staggering amount the auction went poorly(talk about Ponzi schemes!). Rates are going to keep rising, pulling money away from market. Stressed bank's stock issuances($75 billion) will suck up all additional liquidity and sideline money. I think it could get pretty ugly (although I think there will be several false bounces on the way down - the first one at 850 range). Who knows what the catalyst will be, Swine Flu (now spreading rapidly) or Treasuries or ??? but it's coming and we have hit or very close to high. You might want to read this: http://www.thetrumpet.com/index.php?q=6152.4572.0.0
On April 16 & 17 I bought SDS very heavily in the 64's and sold April 20th and 21st in the 70's and 71's for a gain of over 9%. You must be very nimble in a market like this. If you are not, you can see all of your gains vanish in a matter of hours or a few days. Watch UTSI next week, you will see what I mean. I stand by my market top call but remind everyone to take gains when they happen.
Ok, news. All this time I thought you were just a UTSI bear. Turns out you're an overall bear, nice. Your call about getting tf out of UTSI before earnings appears to have been wrong, but I am with you on the US sham economy. Good call.