Because I’m a lousy bottom caller and coupled with the fact that there is still enough fear and loathing out there, I still haven’t added any new swing longs. You cant live in fear, but we are still at the stage where we could wake up to ten new ebola cases tomorrow and we drop 500 points. I don’t trust the government and I certainly don’t trust the folks at the CDC….. The Center For Disease Confusion. So far they seem fairly inept.
Tomorrow is an important Friday. We see weekly jobless claims at 8:30, Industrial production at 9:15 (est. +0.5%), then the Philly FED and the NAHB at 10am.
We saw some solid bounces that started at around 1pm yesterday and we saw a gap down today but buyers stepped up.
It will be interesting to see if the sellers take control as we enter the weekend or if the bulls decide to squeeze.
See you in the morning.