SCN Traders' Corner: Financial Armageddon
When you are a full time trader like I am, your close friends and family can be used as a contrary indicator at potential turning points in the market. I have been looking at least for short term bounce in the indexes by the end of this week. I was looking for the VIX to spike into the low 30's and the S and P to drop into the 1210-1215 range. This happened this morning. Coupling that with 2 phone calls from people who asked me about "Financial Armageddon" makes me think that a short term bottom is indeed forthcoming. It is a fools game to try and pick bottoms in a bear market, however there are just too many indicators that say we are close if not already there. Any type of bounce should be used to lighten up on long positions or add to shorts. Also, any weakness in the Precious Metals should be seen as a buying opportunity! Have a great week!
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