Monday, February 26, 2007
Melt Up
There is so much talk of a correction. Seems everywhere you look there is a boogeyman waiting to knock the market down, that it has made me start wondering if the real risk is to the upside. Seems like the market is positioned for a downturn, where these naysayers will cleverly buy the stocks that they are short, or have been waiting to buy, and wait for the bounce. This is of course risky to put in print because sure as shooting the second I hit the old "publish" button we will hear that we have bombed Iran or something like that, but hey, what is the real risk of that? How long would the market stay down? A day, or less and then it would rally? Who knows, but it is beginning to seem to me that a sharp up move would catch the market more by surprise than a sharp down move. Alas, time will tell, but markets like to climb that proverbial wall of worry, and this wall is steep.
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