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November 17, 2009
Edited: November 17, 2009
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On down days (like today), they love to tease and asked how I'm doing. However, there's been more up days than down days since March 2009. I'm sure some of those collegues deep down wished they were in the market.
When the market stormed up to DOW 10000, I'm sure many market players and fund managers got out. When the market played several times at DOW resistence 10100, also many got on the sidelines. Now that the market is near/at it's top for the year, more wags are pulling out.
Here's the thing folks... "YOU GOT TO LET YOUR PROFITS RUN".
If you have been in the market the last few months and playing it long, you've made a profit (if you didn't you need to change your strategy!). That profit is the house's money..PLAY IT!.
If you're on the sidelines at this junction in the market, you're making a mistake. If you play the market and sitting on the sidelines, you are in my opinion at a greater danger of lost revenue than being in the market.
From a seasonality standpoint, we are approaching the best time to be in the market (Thanksgiving to Jan 1). Even last year, as bad as it was, we still had a 'santa claus rally'.
From a economy standpoint, the huge financial crisis has subsided, rates are very low, the housing market has already bottomed, retail has picked up, the auto industry appears to be making a turn, and China has perked up. I believe corporate America will start putting funds in their 2010 budgets for hiring people. All in all, things are looking up... and so is the Market...
I see DOW 10800 before the end of the year. I see DOW 13000 next year. We are in the very beginning of a new bull market. The bear market has lasted longer than more bear markets.
Buffet is betting on the market with his play on transportation (BNI), The top hedge manager, Paulson, is betting on finance with his play on (C).
Bottom line. Those on the sidelines are missing the boat.
