Market Analysis

[John]

John & Mike,

Really enjoyed reading what you both felt what market would do back in
July. Things looked very bullish back then but I think that things look
pretty bleak now and expect some serious downside action in the next
few weeks. What are your thoughts at this point in time?

Serg

Hi Serg,

I'm still leaning to the upside. This market has proven to be very
resilient. Everything that get's thrown at it, it shrugs it off.
Generally when markets are able to absorb bad news over and over I try
to stay bullish. But remember in my world, being bullish means neutral
to bullish, not Dow 100,000!

John

[Michael Catolico]

i'm slightly bullish for basically the same reasons as John. among the
many important and interesting things John said at the last meeting was
the comment that if a trade is easy to execute it's probably a mistake.
right now it seems that everyone wants to get long oil, short stocks and
short the housing "bubble." . these are the easy and obvious trades.
this time maybe everybody is right. but that's rarely the case.

[beze]

I hate to be the contrarian in the old pro's hair again, but I think
being bullish oil stocks is a bad idea. Oil stocks will be very
unpredictable, there has been an emotional knee jerk reaction to get
into oil in the market and if oil prices drop (and I think they will)
there will be fallout in that sector once people stop freaking out.

Just my 2c worth.

Adam