Wednesday, September 5, 2012
That's it?
That was a pathetic bounce off what should have been a blockbuster rumor headline of unlimited ECB bond buying. The futures aren't even positive off the 4;15 close. The funds are turtling up here, they see the weak earnings coming in from Fed Ex, etc, they see China crashing, and the only positive catalysts are all telegraphed (ECB, Fed) and fund managers fear disappointment if central banks don't pull the trigger. Despite this, its too hard to short, even when it seems so intellectually compelling, because the price action doesn't tell me that we're ready for the down move. And I don't want to get my face ripped off when Banana Ben shoots his uzi. And yesterday on Fast Money, it was a parade of bears despite a flat day. Too tough here, have to wait.
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