Friday, October 19, 2007

Fear and Greed

I would have to say that while reading around the blogosphere today I got the sense that people were not that worried about today's selloff. There was some serious technical damage done today and it seemed to me that most folks were shrugging of the decline, saying things like, "Don't worry, we will bounce back."

Such complacency worries me and I'm forced to be a little more cautious about the market. Another day like today and we will be back to the August lows before you can say "Helicopter Ben". That high-volume low is a strong magnet that is begging to be tested.

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