Stock Market Analysis – 12-08-2008
December 8, 2008 at 10:12 pm · Filed Under Broader Market
For once the market didn’t make an insane late move, but it was still good for over 3% on every index. We broke above the last high at $90, but we’re just pushing up against the trendline I’ve been following for a while now. Bears should start getting defensive at this point, but we’re still below the resistance and I think a strong downward move is more likely here. That means a good opportunity to swing trade short, but with a short leash in case the bulls make a run all the way up to the crash gap. If you can’t be agile right now you better be sitting mostly cash, since the potential pain far outweighs the potential profits, and you should know by now that capital preservation is the key.
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