I will admit that yesterday was down right brutal - I feel like I'm sitting on the dock of the bay watching money flow away. The oceanic gave back $117K in one day but that is still not my record. Anyway I'm a buyer again with my last 10 buys in the coal and pipeline areas now for a total of 400 buys around this bottom. I still have a few odds and ends to pick up in the near future and at some point I'll be chasing momentum buying improving pricing.
"Bullish divergence has presented itself in most other markets, which stand to benefit from unsustainable bearish sentiment as the major media the world over have done their job once again. The result being that people sit safely in cash which is right where they're suspposed to be from the perspective of those who need a counterparty in waiting."
http://safehaven.com/article-11982.htm
"As long as the major indices hold above their 61.8% Fibonacci retracement levels (7976), the broad market still has a good chance of rallying back to test last week's highs in the near term. Conversely, any firm closing prices below the 61.8% retracement levels will tip the odds in favor of the main stock market indexes first retesting last month's low of 7450."
http://www.redoption.com/commentary/2/
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