Am just trying to remember the old adage, while trading: Bulls make money, bears make money, pigs lose money.
The bulls still have momentum behind their sails,bears have overextended price structure to confirm their case. Also, weather the fed can actaully get the economy back on track without the help of congress (I bet they cant) is still to be seen. What is clear is slowing earnings, big time, and in the end stock prices move up and down with earnings.
If history repeats, we get a small correction followed by a broadening top pattern. Only time we got a bear without that is 1998, due to a crises, but like this time, the crises began the year before with the asian meltdown, followed by a small hedge fund going under.
Thank god some small country with less people than live within 50 miles of me could not cause a worldwide financial crises!
