Glad I bumped this up to 40% (10s10c20i) instead of 15% last Friday.....
I went 100% G tomorrow. Great day to sell IMO. Im not buying this rally. Not yet. We need a big day of capitulation. We put in a bunch of 1-2.5% losses in consecutive days. A 4%+ down day would signal capitulation IMO. Then Im buying in 100%. A true correction is 10%.....We didnt see that. We took it down about 7%. Alot of stockpickers came out today getting their long-term holds on the cheap. I myself bought CSCO, AKAM, INAP for the long term last Friday before the relief rally today. Tomorrow should return to trend and thats DOWN.
Good sign for the Bulls thou:
I made my IFT before Noon. 100% G. I expected the market to sell-off towards the end of the day. INSTEAD IT GOT STRONGER. Breaking a trend of selling on strength.
Another argument can be made that we hit bottom on Monday when GOOG, APPL, RIMM all got toasted. Three market stalwarts were sold off heavily. No one was selling these stocks before when the markets sold-off. Thats a possible sign that a near-term bottom was put in and capitulation took place.
Lets see who gets it right