Wednesday, November 9, 2011
Mediocre Volume
Surprised to see the volume fairly light on such a big down day, this is up to 2:00 PM, maybe we'll have a lot more volume pick up in the last 2 hours of trade. But seems like there isn't any panic. This is unusual because we've seen heavy volume on the down days, which cleared out the weak hands for moves higher. I would be very wary of buying any dips for the next 2 weeks.
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6 comments:
Spanish 10yr yield also getting a move on well above where ecb started intervention, credit markets are flashing bright red, equities don't matter versus bond markets much more pain to come
Anyone who thinks this stops with Italy is fooling themselves..
US is in worse fiscal shape than Italy. But the bond vigilantes can't attack something when the other side has unlimited funds to buy (Banana Ben). Italy doesn't have control of the printing press which makes them vulnerable.
BTFD
MO, would you short this bounce? Or do you think they'll keep squeezing?
I would short the bounce. We'll probably stall out around 1240.
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