So many common-sense market watchers are wary and cautious because of the breadth of losers and overall bearish tone. This would've been an opportunity to get out entirely, or at least halfway. In fact, my swing trade in RIMM went into the green (finally) today, surging to 117.57 this morning. (The stock moved on an upgrade.) However, it was about 5:30 am here in the islands at that time and I was crashed out in bed.
RIMM and AAPL eventually followed the market and lost early gains. RIMM sunk to 111+, 6 bucks off its intra-day high. AAPL kept some of its gains, one of the few stocks to remain in the green today. I'm bummed that I didn't get out of my RIMM swing trade with a $2-$3/share profit, but there will be other opportunities. Maybe it's time for me to invest in sleeping pills so that I fall asleep at 9 p.m. instead of 3 a.m. Old sleeping habits, going back to my early teens, are hard to break.
So the red alerts are out there. The market gains but can't sustain, and finishes at its day lows. Smart people are getting out. Yet, Biggs and Kass are calling for a rebound in December. Who's right? I suppose both sides are, or will be, at different times.
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