With little more than an hour to go before the open, the futures are trading up no less than 7/10ths of 1%, and gives us reason to believe that the market advance only begun last week, just at that point where I was looking for it to do so, is still underway.
How long it might last is anybody’s guess, but I did note that levels of support were tested several times, and held, which may make for a reasonably good start to a real rally of sorts, for a while. There’s still new 401k monies to be put to work by fund companies, but that should dry up by Wednesday, and we’ll likely have a better idea what kind of legs this most recent upturn has… will they be wobbly, and it heads back down again?
I’m only of an opinion, an opinion, mind you, that there’s still more downside to be experienced, before a true “All Clear” might be given. If that’s not so, and we’re all done with the fearful and panicky selling already, I’ll be rather greatly surprised.
I’m in a position where I can wait, as I expended so much of our cash in August, and had so little in reserve to do anything with last week, that I specifically stated that others cash-rich and stock-poor, could be buyers right there, but that I was electing to wait… for more cash to build, and for what I am expecting will be some more sell-off type activity… which I think will, but may not, yet come.
I’ve said it before: Predicting can be an awfully difficult thing… especially the future!
Here’s the link for the book everyone should read and own; The Single Best Investment: http://www.mhinvest.com/files/pdf/SBI_Single_Best_Investment_Miller.pdf
Bookmark it as a favorite, or download and save it right on your machine, as I have… at my very favorite price, too! No Cost!
Here’s to your successful investing!
Harold F Crowell