Wednesday, March 29, 2006
Caught Leaning The Wrong Way
The tape is in full liftoff mode now that everyone has decided that things look great!
Those who sold yesterday I'm sure are likely adding fuel to the fire as they were caught leaning the wrong way. Mr. Market always tries to make the majority feel like an idiot, and this morning's rally is a classic example.
I'm trading a couple gorilla-sized positions in the QQQQ & IWN at the moment since my watch list stocks look fairly dead. We just touched overhead resistance on several market indexes.