There will be no posting tomorrow given the webcast with ProShares being done for financial professionals at about the time I normally start writing. So, unless everything falls apart or zooms higher spectacularly, I’ll be having a beer and relaxing at post time.
Investors are frozen not knowing whether to buy, sell or cry. Rather than generating confidence and trust, the government is creating confusion and concern. These silly short-bans are becoming amateurish and not making sense.
Many bulls “hope” that some rescue package deal will be reached and approved. They believe we’ll have a big rally as a result. But it may be just another of those knee-jerk rallies that last one or two days only to fail once again. Nevertheless, the more oversold we become, and we’re getting there, the sharper the countertrend rally.
The financial crisis needs more disclosure and light shined on it. Until then, we don’t know what we’re up against.
Thanks to everyone for their emails and comments.
Have a pleasant day.
Disclaimer: Among other issues the ETF Digest maintains long or short positions in SDS, QID, SMN, SIJ, SDP, IEF, GLD, DGP, EFA, EFU, EEM, EEV and FXI.