Wednesday, November 2, 2011

Be Greedy When Everyone Is Fearful - Part II

We are going to get some seriously bearish headlines in the next 24 - 48 hours. I am already reading some commentaries on how we are going to hell in a hand basket due to Greek default. Folks, we survived 2008, we will survive 2011.

This said, we can't dive in blindly. Know your levels and place some silly bids beneath. Market will sniff the bottom when all bears are in.  Remain calm, do not let those, who's business it is to scare you out, take full control of your actions. But again, do not just place a market order, thinking G-20 will bail you out. If they had a solution, they would have presented it already. I think that members just want to defend their own turf, and special self-interests are precluding them from acting together.

I am remaining in bullish camp into the end of 2011. October 4th was the bottom, now we go down to wipe out easy 20% in 18 sessions money. Listen to yourself and find your comfort level. Do not overreact, be patient, wait for market to come to you, it will.
I am ready for this. Are you??

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