Markets update from Today’s Chat
Q: After a huge run from the last few days, do you think we are heading to another correction after a few earning calls?
A: Let’s talk near-term market outlook here. Feet to fire, I’d look for the markets to continue to mostly head higher, sometimes with a 2% up day and then a 1-2% down day in the next few weeks as we get through earnings and outlooks aren’t as bad as I expect the market is expecting (and therein lies the big fallacy with trying to game the near-term market movements too often, by the way. That whole fading-the-fade-of-the-faders-who-are-fading-the-market-fade logic ain’t easy to get your arms around and then bet profitably on consistently, see?). Anyway, I’m still quite bullish and leveraged to the upside with my long common and call positions and I would be more aggressive about changing that overall stance were I thinking the markets were in for trouble near-term. Did I mention that nothing’s ever easy in this profession? I did, didn’t I? Or am I just typing my thoughts out loud again?
