Unfortunately, we’re in a place in time where I only have opinions. Those opinions are not substantial enough to make into trades. I’ve never been an advocate of taking on multiple trades across multiple sectors across multiple time-frames. Maybe it’s because I’m just not build for it. I like to have a few concentrated positions that I can focus on without having to hire a staff of interns to assist.
My current opinion is that the market still requires work before it decides a direction. I’m leaning to the upside being the direction it eventually moves due to numerous factors: seasonals, sentiment, price structure, domestic economic improvement, earnings season in January being smashing. I am open to changing my mind, however, based on how the market acts going forward.
Over the short-term with the downgrade of banks by S&P and subsequent reaction in futures it seems that we are setting up for the last day of November and first few days of December to be difficult ones. It shouldn’t come as a surprise since this year has been marked by weak openings to new months. If we are going to put in a significant bottom for December it should be late next week or early the week after.
I’ll be looking to get more involved in the market then. For now, I am happy holding a good sized position in TMV and lots of cash.
This isn’t a market to get overly involved in one way or another for the time being. If you want action, may I suggest dressing up as a raspberry and running around a blueberry field.