Tuesday, June 07, 2011

Tuesday Market Thoughts

Today was a bad day in the market. I don't know if we blame Ben Bernanke or the Summer Doldrums, but the market tried to move up, and was just crushed in the last hour.

I'll be uploading two audioboos later, one from yesterday and one from today. Not that those will help, but they've been on my iPhone for a couple of days and my thoughts are there.

On the other hand, I heard some techies today talking about a "tweezer bottom" in the market: The price action has trended downward then 2 consecutive days of equal lows signal support. This could signal a short term bottom is forming.

Again, no crime sitting summer out. I remain in cash, some low beta stuff, oil, and a lame SPY trade (with a mental stop in mind should this thing deteriorate. Seriously, it was in the black with an hour left in the trading day, and then whoosh down!)

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