Contrarian

Hmmmm...might be time to take some money off the table. We closed out our positions in WBC and WDC over the last couple of days for some pretty healthy profits , but at the moment looks like we are in for a nice little retracement in the indexes. I would be wary of any longs in the equity market as we speak and anything that is running close to the wire ( not hugely profitable that won't sustain a retracement) I would be looking to close or hedge.

We had Housing Sales out of the US the other night and was the best numbers that for those figure since 2003. They are normally a good indicator of a sustained turn in the economy. I would suggest that the market is getting ahead of itself in the short term, but that the tide is definately turned for equities markets over the medium term.

Well only time will tell in the next couple of days on what sort of pullback we get.

Good Hunting

Bear