The indexes are alive with the sound of music!
Oils and Semis are the strongest sectors of the day, each currently up over 2%. The mid-day doldrums have begun so we may have some choppy trading in the next few hours, but if we were able to close at the current levels or higher, even the bears would have to say it is bullish (however painful that may be.)
I have received a few emails this morning in regards to what kind of time frame I work with. People want to know how I can think that the market will be higher through Q2 of 2004 (yesterday), and then write this morning that I am looking to sell certain positions over the next two weeks. I want to clarify that my trading is very short term based. Most of my positions are initiated with an exit strategy that could span from a few hours to at the most a month, maybe two. The fact that I mentioned that I thought we were headed higher (not advice) over the next two quarters is extremely long term for me!!
To answer the question that some of you are asking, yes, I have a thesis of where we are headed over the next year but I am not a value investor. I am a trader. My views change constantly and I am always re-evaluating my positions, my ideas, and overall market sentiment to help me piece together my game plan. If I am wrong, I am out. It's that simple. I keep my losses tight and try my best to let my gains run. Of course I step on a land mine here and there but who doesn't.
So to conclude and to hopefully clarify, my world is seen though days and weeks, and rarely months. So when I speak about where I think the market is headed, or a specific sector I am looking at it over the course of a week or two. Hope that helps! Have a pleasant day.
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