Not really but that remains the argument of the bullish contingent. Nice rally so far this week- up almost 2% on the DOW. GM, a name I remain stubbornly short, announces the biggest loss ever by an automotive company and rallies hard. Such is the current mindset. GM is going to buyout something like 70,000 more workers. I can only deduce that when GM stops making vehicles it'll be a great stock!
We also have a foreclosure freeze by six major banks in the news. Another attempt to delay the inevitable. The difference between the dot com bubble and the housing bubble is the debt. After the Nasdaq bubble popped we didn't have consumers tied to debt they couldn't service as is now the case.
This is all setting up nicely for those of a bearish mindset. Better entry points await.
As for my trading: I remain ever-so-slightly net short after having added a number of longs on Friday. Good thing I did too as having some longs has made this week bearable. Although I'm getting a pretty good hammering right now. Haven't done much yet this morning though as my stops have yet to be hit. In the meantime I remain excited about some my longs.
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