A Defense of 12,000
So far, the futures are up about 30 points. The Dow nearly closed under 12,000 yesterday, but didn’t.
It looks like the bulls are trying to keep the Dow above water.
Look, i wouldnt be shocked to see the market rally for a few days. Hell, I wouldnt be shocked to see the market rally 600 points from here. But should it? I don’t think so.
But the market really doesn’t care what I think. And that’s why i’m going to let the price action dictate my actions.
Needless to say, I think if the Fed runs their mouth about inflation at next weeks rate meeting, the markets will head down on the fear of higher interest rates. The question is whether the market will break under its Februrary lows.
If it does, that would be a shorters fantasy.
It looks like we might be ready for “A Defense of 11,000″ soon if the market keeps dropping like it’s doing.