Wednesday, June 15, 2011

Gap and No Reversal

Stocks gap down on inflation and Greece news - who is hoping for a reversal?

Seems like we should get some exhaustion gap with a reversal soon, huh? After six weeks in a row of selling the market is trying to throw a seven here. Seems like sentiment is running near extremes. Check out the put-call ratio!

Nevertheless, nobody wants stocks yet...
I remain in some cash, low beta stuff, oil and still in the losing SPY trade. Still within the pain threshold on the latter...

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