Thursday, June 23, 2011
Skittish Market
What a difference a day makes. Yesterday morning, we were relieved that Greece got the confidence vote and were looking forward to more goodies from Banana Ben. When he didn't promise QE3, and with the short term overbought reading, it leads to this: a short term disaster. Especially for commodities and the euro. I would be looking to buy stocks into the fear today, I still see the stock market as constructive in the near term. I am NOT constructive on commodities, because there is still this brain dead notion that China will grow at 10% forever and the sentiment is more bearish on stocks than commodities.
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the plan is higher dollars, lower commodities (oil, copper, metals) until the significantly lower s&p in the fall is politicized for QE3. QE3 will be substantiated then. jim rogers says QE3 is guaranteed just a function of when and they may not even call it qe3 may rename it "cupcakes". we probably rally short term next week tho.
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