BULLS

If you think you are the only investor/trader thinking of going long and catching a huge rally, I assure you there is lots company on that trade. Revshark on realmoney.com says in a column entitled Setting Up for a Snapback:

"We are setting up for one heck of a snapback at some point. All we need is a catalyst in the form of some good earnings or dovish statements from Bernanke, and we are likely to see a big bounce. It may not be lasting, but it should be big. I don't buy the argument that too many people are looking for a big bounce, therefore it can't happen. In fact, the key here is that they are looking for one and have not yet acted on that belief. When contrarian thinking works, it is because people all believe something is going to happen and have already acted on their beliefs."

And Cody Willard of the same site says:


"It's time to ponder some old saws, and whether or not this is a buying opportunity.
A smart friend of mine who has run hundreds of millions of dollars in health care and biotech money just pinged me, asking simply: "Who has the guts to buy today?"

I think what he's pointing out is that buying today is by far the hardest trade to make, even for someone in cash or someone who's short. Often, the hardest trade to make is the best one. I won't trade off irony, but it is an interesting point to ponder. "

So if you think you are the only one who is thinking that buying here is the smart money trade, I would step back and wait for the weekend news events. Also, those two fellows noted above have been bullish and have bought every dip thinking this is the easy layup trade. That hasn't panned out yet. There is also talk that Israel was given the OK to "clean out" Hezbollah and secure the northern border. Not sure that is bullish.