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So...What Happens Next?

I'm a Tech guy as far as looking at the markets and stock. Today, Friday, August 28, 2009, looks pretty "toppy", IMO. Looking at a one year chart, I see resistance in the Dow right around here.

Going into Sept., the worst month for market performance over the last several decades, I would be very cautious if you are long the market. Covered call writing would make a lot of sense, IMO.

To all my friends who are around my age and have been clobbered by your fund's performance over the last year, I like liquidity. If you must be in the market, short-term bond funds have reasonable yields now vis a vis inflation.

When the Wall Street crowd gets back to work after the summer time, I think they will be looking to take profits and perhaps get short. The only saving grace would be the fund managers who missed this run trying to get in to show on their Q3 report they had positions in the high flyers. I don't know what percent of the funds missed this move, so that's an unknown.

I generally like the markets, but near term, I see a "W" coming, perhaps with a shorter downswing than the first leg, IMO.