As many of you already know I am an active trader of Stocks and ETF's (exchange traded funds). This past week was a trecherous week for the Bulls. Everything stock sector with the exception of Gold was down across the board, which is nothign new. We have been on a downhill slope with over a year.
I have been mostly trading on the shortside for several weeks and have profited handsomely. On Friday I officially went long, meaning I am no longer trading the short-side and am finally buying.
In my Roth IRA I bought the CGM Focus Fund (symbol: CGMFX) as I have faith that fund manager Ken Heebner with steer this find to strong relative outperformance. In my regular IRA I purchased SSO (at a price of $18.84) and in my taxable discretionary trading account I was super aggressive and purchased BGU (at a price of $21.82).
Am I Bullish for the remainder of 2009? NO! I am only bullish for the next 2-3 weeks. After the market rallies and relieves these extreme oversold readings, it will give all of these gains back and then some. My long term target is Dow Jones 6,400 - 6,600 (it closed Friday at 7,365).
Currently pessimism is at extreme levels, cycles I follow are pointing to a low and many technical indicators are in oversold/BUY territory.
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