Here's the latest flip-flop from the G-man, who completely forgot his most recent virtual (derivative) portfolio was actually bullish [3] into the biggest market plunge in months:
If the Russell were to hold today and turn higher, then we might very seriously consider covering a portion of our derivatives; otherwise, we shall sit tight, remaining market neutral and fearing that indeed the bear market has begun and that rallies henceforth are to be sold rather than weakness bought.
And yet two days ago [3]:
The well-defined upward sloping trend channel continues to remain fully intact and until that trend line is broken we have to once again err upon the side of being bullish of shares generally... Support levels have held and trends from the lower left to the upper right obtain. One may wish to join the bearish camp, but one would be wrong.
Because where else does $29.95 or whatever buy so much comedy?
