I'm going to post this over at HOB too, but I just listened to an interview that is very interesting…
So, just in case any of you were thinking about going short tomorrow, think again…
According to Larry Presvento, the day after Thanksgiving has the highest percentage chance of closing higher. It is the “Single Most Positive Day in the History of the Stock Market”, with the highest number of days closing UP that day.
74% of time the day after… which is this Friday, is UP! Do you really want to go short now?
This is exactly what I have been saying – mkt is not going to crash before shopping season / Christmas … if people don't spend – we will see a lot more retailer go under under year and that all spirals down to more job losses …. and even lesser spending – its a downward spiral and you can bet that the mkt will not be allowed to crash – 10-15% before next year …
Looks like the futures are already up 11 points this Monday morning, just like I expected. But, it's already too high to go long at this point. Needless to say… I won't be buying any calls this morning.
At this point, it's best to wait till later in the week and go short. I still don't know if they will re-capture 1114, and push on up to 1120 area, or get slammed down right where they are now?
Good Stuff Leo. I really enjoy reading the bog everyday.
good stuff! a post of appreciation for your work and efforts
great stuff on LP, RDL. he is one of my favorites.
I'm going to post this over at HOB too, but I just listened to an interview that is very interesting…
So, just in case any of you were thinking about going short tomorrow, think again…
According to Larry Presvento, the day after Thanksgiving has the highest percentage chance of closing higher. It is the “Single Most Positive Day in the History of the Stock Market”, with the highest number of days closing UP that day.
74% of time the day after… which is this Friday, is UP! Do you really want to go short now?
To listen to the audio interview by click here…
http://www.tfnn.com/sti/rss.xml
Find the “Larry Pesavento 11-23-09” link. Then click on the “redirect.mp3” just below it, and it will play.
The part where he talks about it, is toward the end of the interview.
Red
Hi Red,
Don't you think the “rally to 1120 this week” and “Market never goes down the day before and after Thanksgiving” trade is too crowded now?
Thank you very much. I was beginning to think I was talking to myself.
Great one Red … 🙂
This is exactly what I have been saying – mkt is not going to crash before shopping season / Christmas … if people don't spend – we will see a lot more retailer go under under year and that all spirals down to more job losses …. and even lesser spending – its a downward spiral and you can bet that the mkt will not be allowed to crash – 10-15% before next year …
It matches your Indian costume… that's how! Where's your Tee Pee?
hahah how did you know I had a hammock like that 🙂
Looks like the futures are already up 11 points this Monday morning, just like I expected. But, it's already too high to go long at this point. Needless to say… I won't be buying any calls this morning.
At this point, it's best to wait till later in the week and go short. I still don't know if they will re-capture 1114, and push on up to 1120 area, or get slammed down right where they are now?
Cash is a position.
Red