Today's action after continous selling for so far in 2008 provided some hope. But i am not sure it is bargain hunting or short covering. Federal chairman is about to speak tomorrow so may be shorts are covering their short just in case if Mr.Bernake surprise wall street. Earning season has also started and alcoa 4Q 2007 profits are up so let's hope earnings are good for rest of the leaders too.....
I don't think if uptrend starts, it will continue for long. I guess people will start unloading their longs in strength. Market sentiments are negative.
I am not good at shorting but i guess i need to start learning. It market goes little higher, i will buy ultrashort ETF in spy,russel and QQQQ.
Let's hope market provides some relief from selling......
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