Tuesday, March 18, 2009
2009-3-18: The markets
climbed again today. The NASDAQ
to end the day at 794.
to reach $889.10.
So what should we do here? Do we count on the markets'
retesting their lows? Given the present perils of passage, I should think
that it would be better to err on the side of being late to the rally
rather than risk buying it near its top.
The following Minyanville articles give some opinions
in this regard.
Down with the
Op-Ed: Will Troubles Abroad Stop a Countertrend
Paul Krugman is evidently busy in Europe. He hasn't posted anything new
for a few days, but he may have something more to say about "Yurp"
when he gets back from there besides his recent Permanent Link to Spanish doldrums
and A Continent Adrift.
I may buy the Proshares Ultra Nasdaq 100 ETF, QLD,
tomorrow, with a stop set 6% or 7% below what I pay for it, as an
insurance policy against a rising market. Another attractive alternative
is the Proshares Ultra Emerging Market Fund, UUPIX. It closed tonight at
$6.72, down from its 2-year high of about $74. First Solar (FSLR) and,
perhaps, Suntech (STP) look good over the long haul, although they're
struggling to stay afloat in the current climate. Powershares Wilderhill
Clean Energy Fund (PBW) also looks like a good long-term bet.
I'll try to update in the morning.