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This morning is quite sloppy and nasty, as the elevated VIX implied violent price swings. The S&P 500 is still well above yesterday’s lows of around 1100, but the closer we flirt with that level, the dicier things can become for the bulls. I am still sitting in all cash, for nearly a full week now, waiting for the dust to settle. If today proves to be the final aftershock, then I would imagine I could become very aggressive in a short amount of time. I am also still watching that $62/$63 crucial area on the XLE for market strength, or lack thereof.
Bulls vs Bears – Over the Top
http://www.youtube.com/watch?v=lzcVvTHZlQo
Where do you get such awesome pics. Seriously great.
I agree with ^
I have very little faith in any bounces to turn the trend other than intraday at this point. Yesterday was a classic short squeeze like I said. The trend is down. I know you are being very cautious and I am preaching to the choir. I just feel like getting it out there.
I have a feeling we cut through 100 with ease. We might take a day or so, but why should that level provide anymore support?
Make that 1100 not 100. At least I really hope so.
Question: What happens if there is a loss of faith in Treasuries? God, now I sound like a silver/gold bizzaro.
Forgot to say also that your market sense/skills are very, very impressive