Everything is just grand again!
We thought A low was being put in the market last week. Monday’s action made the low A better low. Markets have recognized there will be no rate hike.
Just a word to the wise. Bear market rallies are sharp, quick, make you feel good, get people calling the bottom, suck you in and then bury you soon after.
No…we are not saying that is going to happen. Just letting you know that is a line we coined back in 07-08.
There is a near term changing of the guard as Energy get a decent bid here, same for other commodities but do note the horrid action in biotechs. Biotechs were one of if not the strongest group of the bull market.
Also note that major indices are now getting into the massive overhead resistance areas we have talked about.
Lastly, we have been watching Mr. Bubble out in the media plugging his new book as the hero of the world. He claims his policies saved the day. Yup! We’ll have more on that in a few days.
Getting Short here, Selling high IV call spreads in liquid ETF’s and stocks.
Thanx G. You’re the man !
Bernanke didn’t save the day; he just took $billions from savers that did everything right and gave it to spenders that did everything wrong. He redirected the pain away from the idiots who caused the problem to the good people who did not cause the problem. Now he is bowing and taking credit for it?