Pretty soon it adds up to big money. I am talking about the capital raises by BAC and C. BAC raised $19B through selling equity. C is looking to raise $20B doing the same thing. From a broader prospective, these capital raises soon add up to a lot of supply weighing down the market. We are still in a tight range and yesterday's trade just reinforced that. With the gap up, I believe we'll get some bulls to jump on board and drive us a bit higher. But I don't think it will last. Gold and crude oil are telling me that this market is weakening, and with very few bears according to Investor's Intelligence, I would be cautious on the long side.
Shorted around 1105.
ReplyDeleteMarket Owl, What's your say about today ?
Think we're going to break 1100 support downside, or not ?
SOLD 60% OF BGP @ $1.52
ReplyDelete-OL' DAWG
Sold other 40% of BGP $1.54
ReplyDeleteHOLLA
-OL' DAWG
I would short at roughly 1110 SPX
ReplyDelete-OL DAWG
I think shorting anywhere around 1105 will make money. I am sort of neutral on today's trade. I think we'll go back down to 1085 on Friday or Monday.
ReplyDelete