I was originally going to write how my friend John Chinnock is very close to hitting out of positions and but that indicates to me to take opposite view as a "top". However, three other bloggers I pay for also say we are about to break higher. That is Karl of the Market Ticker, Gary of Smart Money Tracker, and McHugh.
All statistics/charting is being violated. The world printing will have an effect, and it seems we are going to pump the stocks straight up. Will I buy into this? No. I would rather sit in cash than be caught as the market plunges. This is a world ponzi scheme, that may work, even for years, but just like Madoff, this ponzi scheme will collapse either through a market fall or hyper inflation. If I decide to go long, it will be back in the gold miners. For now I won't invest in anything.
Today, I covered 1/2 of all my recommended shorts, almost all on a profit. Tomorrow if we open up, I'll cover all my recommended shorts.
Tomorrow, I will hit out of 1/2 of my lottery tickets/high risk plays if we open positive and stay positive past 9:30 am. I also have stops on my high risk/lottery tickets.
I'll mark my positions closed across the board as of tonight's prices.
What is happening here is the world is printing money, giving it to the banks. The banks are plowing the money back into financial stocks. At some point, this will fail, and fail worse than even I can imagine. But I can't hang on for that turning point any longer.
If we gap down Monday or anytime in the following weeks, I'll miss the boat. I recommend if you are short the market, pick your spots and get out between now and Monday.