Thursday, October 29, 2009
"Good" GDP number. This should get us that bounce that I was talking about. In general I think this is a number you can short. Not only does it not mean anything (told you what already happened) but the bigger danger I think for the bears was a very weak GDP number. That would have meant a big fall in the dollar in anticipation of more stimulus. As it is, we have a trading pop, but the fact the number was so good I think is actually bad for stocks. 1052ish and 1062 ish are the areas you want to watch. Bears really don't want to see the market go above 1062.