The market emphatically rejected the 1100 level on the SPX and we saw a brutal reversal, blamed on Dick Bove's downgrade of WFC. It was coming anyway, the market was diverging and weakening regardless of the news, good or bad.
Looks to me like we will be in a period of consolidation for a few weeks, today was a statement day made by the equity bears, despite the weak dollar and roaring commodities. The easy trade now is the short side.
Wednesday, October 21, 2009
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2 comments:
You got short?
Yes, I got short, and I remain short.
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