Time to go fishing again today
(2008-10-06 05:18:35)
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As I have stated, Friday's pull back was healthy, and a severe drop today is even healthier and much needed for the market in order for the market to generate a sustainable bear rally.
From both TA and market sentiment point of view, this is the time to go fishing again. I will start my fishing as early as today starting from fundamentally solid companies first.
The outflow of money from both mutual funds and even money market funds is in the unusual historically high level indicating a very panic market sentiment. I start to see the light at the end of the tunnel for this round of the bear attack.
I have been very persmistic in banking sectors and now, I start to see some buying opportunities after the M&A process kicks into a fast gear. And I will take this sell off to start to build long term holdings for my financial sector porfolio. Slowly though.
Rule of thumb, when everybody gets out of the market, I shall get in.
most importantly, your opinion is correct most of the time.