Today was awful, if you are bullish. My twitter stream has been blowing up with bullish sentiment recently, especially regarding a move today. This was your move: flat on nasdaq, dow and s&p up about .3%. Not only did a gap up get pretty much filled, but today’s move will go a long way into alleviating oversold status. This does not bode well for bulls. The only positive I can think of is the death of the VIX.

I’d imagine we will see slow motion trading like the past two days through years end. It seems like no one really cares what will happen next, as neither bears nor bulls have been able to press the issue. I continue to believe TLT will be the market tell (effectively, the price of risk off) and will thus watch it accordingly. It alleviated any overbought conditions today.

In my own account, I pulled a Plexico Burress. I am not happy. I am only long GMXR and RBCN, and short AMR with puts. If GMXR does not bounce tomorrow I will probably shed it for another stupid loss.

Tweet