The Recovery: You Say It’s Here?
Sure is a lot of buzz today about the economy really showing signs of turning around…
Hmm, let’s see… just on CNBC.com we have:
Warren Buffet stating that single family homes are very attractive
Pending home sales rise to a two year top
Apple hits a new high (good for them!)…
AND the DOW is above 13000 and “they say” if it closes above 13000 we are off to 15000!
Of course I am not an economist. Maybe the economy IS getting better. But I don’t believe it. Too many factors like unemployment, fuel prices, and the fact that 80% or so of companies in the US are NOT hiring.
Think about it: we have the lowest mortgage rates in history. If the economy is good, shouldn’t these houses be flying off the shelves..??
I don’t know…. I just don’t buy into it..
What I DO know though is TRADING. That, I know inside out. I’ve been a day trader, swing trader, and a market connoisseur for a long time.
I remember telling my students we were bottomed out at the 660 level or so. And right now I am very certain we are topping off… Personally, I would NOT be holding any long term equities at this point.. I would lock down some gains, wait for a correction and maybe buy them later..
Luckily I can day trade pretty well! I had 3 nice setups today between 930 -10AM – All winners!
Cheers!
ETS
