Friday, December 19, 2008
Despite Modest Sell Off, NDX and Breadth Still Strong; Dec. 19, 2008
Despite the sell off after the opening rally, breadth is still positive on the NYSE and Nasdaqs are well outperforming the S&P and Dow. These are not the characteristics of the downtrend resuming. This doesn't mean I'm a staunch bull, but I don't any signs or reasons to get aggressively short. I'm still long the S&P and short various ETFs (XLE, XLU and XLK), plus short gold.