Monday, May 14, 2007

We picked up another distribution day on the Nasdaq and Tom O'Brien went from predicting a market correction to predicting a bear market.

I'm staying long here and hope to see a big pullback so I can load up at a market bottom. I've learned a lot this last year and would love to put my skills to the test when we finally get to a lower price point where I can load up on the long side. I'm tired of this nickle-and-dime crap.
As for what I'm looking for, big market tops are usually marked by a slow, rolling move down. Not the sharp spike down like we saw in Feb. If we roll over in such a way, I'll get short.

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