Thursday, April 26, 2012
More Work to Do
We are not done with this correction. Maybe we would be if BB brought out his BBs. But it was a tape recording of the last FOMC meeting and that is not going to pacify the scarecrows in Europe. I am already seeing Europe deteriorate. Unlike previous corrections in the S&P, I never saw Europe underperform the U.S. to such a large extent. U.S. stocks are down about 3% from the high, Europe is down about 12%. They said there is no decoupling in the global markets, but the past year has been proof that is false. Until the U.S. market reflects some of the panic and bearishness out in Europe, this correction will continue. Expecting weakness for the rest of the week.
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6 comments:
That was a hard bounce on Nat gas.
Completely missed it.
Guess I have to hold ZNGA overnight into earnings. Stock is barely up.
I hope they kill it and it goes to 11.
I'm still under the belief that this is a mid-cap wall street darling considering the space they are in.
Dawg, you do not want to short NAT gas here.
Just my opinion. You know all I do is play reversals on 52 week lows and Nat gas does not look to me like it's going to make another new low here.
IMO, it's resting after bouncing to bounce higher.
The trajectory and angle of the bounce this time is definitely higher than when natgas tried to bounce previoulsy in the last few months.
Play long coal instead.
MO, do you think we have topped out here. Market does look like it wants to go higher.
OD say market heads higher, creating a double top. Looking for long TVIX at 6.
Market looks like it will keep going higher. But its not a really good long setup. And not a good short setup. I'm neutral right now.
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