Beware and take Some Profits
Posted by HanaDaddy | Posted in My thoughts on the market | Posted on 01/06/2009
Tags: bear, direction, profit, quick action
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The Dow Jones Industrial Average soared 221.11, or 2.6%, to 8,721.44 today. It was very nice but ‘Fast Money’ Recap: Take Some Profits blog from street.com advises you to take some profits for now.
Karen Finerman said the rally had nothing to do with anything fundamentally happening in the economy or business. Rather, she said, it had to do with the fear of being left out. Specifically, she said people on the sidelines felt they had to jump in.
It’s true. With everybody jumping into the market, I feel like I am loosing the great opportunity!
He said strong fund flows and technicals are driving the markets higher, not fundamentals. He said the situation won’t turn around until the employment situation turns around and consumer spending picks up.
Let’s see how tomorrow will turn out.
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