Saturday, June 17, 2006

Da Bears-s-s-s-s!

I hate to say that I'm already bearish on this upcoming week. We just had a few days of major gains in the markets, but I believe I can already see weakness. Friday showed marginal and slight losses across all indices, and the volume comparisons show that the strength is fading fast on this small upswing. Unless the S&P 500 can climb above about 1260 and stay there on Monday, I'd say we're back to sliding down in falling prices. We'll have to see how the week starts out.

Still, I see longer-term indicators on many stocks (retail) looking good. And I'm finding long-term sentiment in the Smart Money is still bullish for Q4 of this year. Even Cramer (sorry if I don't associate him with the SM above) says July should be a good time to snap up clothing stores before the back-to-school rush, and I agree. Not that I have to validate the Mad Man of Wall Street, but I'm reading the tea leaves myself. And it looks like I'm seeing confirmations that this is still only a short-term market recession.

Good luck, and stay strong!

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