.<font color=red> Market Temperature: Markets are opening on a sunnier note, lifted by positive earnings from GE and IBM. However, the trend, overall still remains bearish, and traders should bear this in mind, and not confuse a morning's relief rally with a change in the overall trend.
There are more writedowns, more negative news for financials, retailers, housing and other sectors in coming months. Earnings will probably trend lower...and all of this will have a negative impact on US financial markets.
Take profits when you see them, play one or two stocks only - diversification in this market only increases your chances of loss, and don't be tempted to return to the table, or to catch a falling knife. Smarter analysts have lost their shirt trying to call a bottom in markets like this, and the recent reports of hedge funds losing significant numbers of clients shows that even teams including Harvard MBAs and some of the brightest PhDs and traders, are not winning in these conditions.
If you see a gain, take it and consider yourself lucky. The makets have been selling off on Friday, as few want to hold anything long over the weekend, uncertain of what next piece of bad news could hit the street before the open on Monday.
These are just my thoughts and observations, from having watched these markets for weeks. Your mileage, as they say, may vary
Best of luck to all!
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