Maybe sitting around a table with family and friends ...getting stuffed, laughing, watching the Pack' attack yesterday brings some sensibility that it's not the end of the world and that this market is not at the end of its rope. Just like Brett Favre being written off, this market can rebound too and show some of the same grit and determination. Right now, we are overdone for the short term and the shorts might be thinking of a snapback more than the longs. You can see this in how fast a short covering comes and moves the market up. We saw this on Tuesday. The confidence is just not there with the longs in the past week, you know the amusement park game where you smash constantly the popping beaver...rabbit or whatever it is with a mallet as they keep popping out of holes. Well, that's what the market feels like and plays like, except its Bulls ..and every time they get an uptick during the day and show their horns....they are hammered back down. Soon the Bears arms will get tired and we'll get a reversal of sorts, nothing goes straight down, especially with earnings growth still around. In the meantime, intraday traders should be selective and those with a longer hold period should just stay on the sideline until a march up the field takes place. You don't want to start at your own 20 yard line, wait for a few first downs from the Bulls before coming back into the game.
Happy Holidays..