Ok, today the market is higher because of extremely oversold conditions. The headlines will tell you that it was because of the Eurozones’s assuredness to keep Greece alive, again (what’s new!), but I say it’s because stocks got to cheap. They are getting to attractive buy points and now trade at discounts to their multiples. However, with JP Morgan now suspending its’ stock repurchase program(wow the problem must have been bigger than we thought), and FB’s disappointing IPO debut, investor sentiment is still down. All we keep focusing on are the negatives, now that the positive earnings season is out of they way…why do we keep doing this to ourselves?! It seems like it is never-ending. Anyway my conclusion – this will be a short-lived, oversold bounce. We could even see a follow through for the next 2 or 3 days. But I would not be buying or fading this market today, only trimming on the strength, if you haven’t already from last week’s morning gains (afternoons were sold off on the morning strength). So holding until the dust settles seems like a good idea, for now.
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