Wednesday, June 22, 2011
Surprised at the Weak Reaction
I didn't expect the market to gap down after this successful Greek confidence vote. I am probably not the only one surprised. Ahead of the Fed, I don't expect much movement so it will be trying to game the market's reaction to Bazooka Ben. I am leaning towards a small rally after the decision but I think it will be quickly sold. Perhaps we get a weak close and a gap down on Thursday. Judging by the weak reaction to this Greece vote, we don't have much upside in the short term.
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2 comments:
buy the rumour / event sell the fact feels a little to much like the crowd... so we sell today / tomorrow a little (maybe) and next is the then what? Squeeze to earnings and debt ceiling hike? Japan coming back on line smaller kicker for PMI's, Greece safe for now... summer rally and new highs seems about as contrain as you could be.
Trend is higher for the intermediate term, buy dips. I would be careful shorting rallies. But a rally today after FOMC would be a screaming sell.
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