NO BOUNCE
I guess if Dylan and the ladies focus on the DJIA the market is barely lower. Of course if one looks deeper one sees SMH (-2%), QQQQ -(1%), IWM (-.7%), SPY (-.4%), Biotechs red, GS red, and the internals 700 to the red. This is a very disappointing day for the bulls in light of the earlier rip higher. The oils are green but they were a heck of a lot more green earlier in the day.
I just wonder how much of the overall sell off in the equity markets is attributable to a lack of confidence in Big Ben as we again close on the lows.
One of the problems is everyone is excited about the easy trade of buying this "way oversold" market. Well they keep trying and again it becomes more oversold. The good news is that we are back at the SPX 200 day SMA-; so now the question becomes, Is a double bottom in?
posted by DAVID at
4:01 PM
2 Comments:
Well, one indicator is beginning to flash very positive, our very own Lord Jim. According to him, the late-day fade proves the US markets and companies are now the absolute worst in the world...
Sounds pretty gloomy. Time to buy?
Yes they are the worst place to invest- until he pens "you cant trust overseas markets"- that will be at the new DJIA highs of course
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