DIP CONTINUES
I just dipped in and bought some SPY on the post market close selloff in the 125 area. We are now a bit below the 200 day SMA and yes believe it or not we are oversold, way way oversold.I also asked around if anyone saw any reason why we were selling off after the close and I got the shrug of no clue.
Why are the U.S. markets so bad lately? Jim Cramer thinks he has the answer with this gem:
"We are the place that simply doesn't work. Our tech stocks are awful. Our mineral stocks are second-rate compared to those of Australia and Latin America and Canada. Our drug companies are doing worse than the European drug companies. Our banks can't rate versus theirs. Even our telcos are worse than theirs."
I think he is wrong, and I continue to believe that the markets act poorly because of a lack of faith in Helicopter Ben. I just wonder how long we will have to wait before Jimmy tells us "you can't trust emerging markets." And how about Jim's strategy of scaling into and out of trades. Just sheer brilliance.
posted by DAVID at
4:50 PM
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