Tuesday, June 17, 2008

Squeeze, satisfy, scrap

I have a bad feeling about this market. I think it's all set to make a fool out of most of us. My belief is that in the next couple of weeks, there are going to be a number of winds blowing and the direction is going to change rapidly. You have many things happening..options expiration, end of quarter, hedge fund redemptions, momentum stocks going nuts, financials getting taken to the woodshed, energy, materials, fertilizer on a roll. Well, things are going to change. As for direction, my guess is a near term short squeeze followed by institutions taking profits and then a selloff that ends at around 1300. Upside target...about 1375 which should happen tomorrow (Wed) if the crude inventory report is good (buildup of supplies). For all I know, maybe the biggest fool will be me!

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