Well, I looked at the oversold conditions plus the end of month pattern, and decided to buy today. The plan was either to buy any gap down, or if we opened up then wait for a pullback after the first hour. The latter happened, so I put on a large position of QQQQ on the pullback.
I don't believe the gloom and doomers. Inflation is mild. Growth is strong. And the real estate problems are mostly confined to a small percentage of the subprimes. Yes, property values are down; however, folks are employed and paying their mortgages.
I do believe that this correction will last longer than the Feb-Mar correction (duration and maybe percentage). So I'll keep an eye on the position especially as the monthly strength periods winds down.
As always, I could be wrong.
Busy during the day at work, so blogging will be a little light.
And say, as a Dodgers fan I was hoping Barry Bonds would set the HR record BEFORE traveling to Los Angeles. But it looks like there could be another Al Downing highlight reel coming.