I think a retest of the lows is coming. Those who couldn't get short last week were given the perfect opportunity yesterday when the market rallied foolishly on the stimulus news out of China.
Is a retest of the lows certain? Nothing is a given in this market. But it's highly likely. What I am more interested in knowing is if the lows will hold this time or not? I have my doubts if there are enough bottom fishers left in the market to support it. Talking of bottom fishing, even Warren Buffet couldn't resist bottom fishing GS at $115. One can buy truck load of that crap for below $70 this morning. I knew all along that market timing is not one of Buffet's forte. We are now getting in to the options expiration manipulation phase and that would add another dimension to this tricky market. So be careful out there.
Is a retest of the lows certain? Nothing is a given in this market. But it's highly likely. What I am more interested in knowing is if the lows will hold this time or not? I have my doubts if there are enough bottom fishers left in the market to support it. Talking of bottom fishing, even Warren Buffet couldn't resist bottom fishing GS at $115. One can buy truck load of that crap for below $70 this morning. I knew all along that market timing is not one of Buffet's forte. We are now getting in to the options expiration manipulation phase and that would add another dimension to this tricky market. So be careful out there.
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