The AAII sentiment survey came out with 22% bulls, -12% on the week, and 56% bears, +14% on the week. Investors have gotten sort of bearish here and Fast Money's Dennis Gartman says he's net short, and I don't feel comfortable being on the same side as that guy.
Fast Money Halftime Report has the shorts covering their shorts before the bell, and I didn't hear one sell recommendation into the close. I may take a little stab at the short side at higher levels.
After the nonfarm payrolls report, and armageddon is taken off the table, I expect recent bears to capitulate. We should then have that final leg of this counter trend rally next week where I will put on my short position.
Thursday, November 5, 2009
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