I feel like I need a shower after that session. It felt unavoidable, a Monday with a ramp up from the get-go is a Monday that is looking for trouble, especially after an options expiration when those who came in long from exercising calls that were barely in the money rushed to sell their positions into strength.
I hate days like this.
Funny thing is, no one can take away what's happened in the past four weeks: The Europe crisis turned into a manageable situation where we can expect losses but not wholesale turmoil, while China's actions today verified its soft economic landing.
That's why I don't believe this market is in bad shape, just overbought, where so much money bid up stocks as these two regions of the world improved.
Still, reversals like today rarely translate into better markets the next day; probably no Turnaround Tuesday this time. If it weren't the end of the quarter, I would say we could get hammered over the next few days. Instead, I believe people will be putting money to work to show their bullishness, even as in their hearts they remain one-foot-out-the-door bears.
After a day like today, who can blame them?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment