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Chalk Up A Nice One For The Bears
Posted on 03/13/2007 13:53 PM | Link | Post Comment
The bears really had their way with the market today. Spread the rumors that subprime is worse than most people think, and that it will tank the economy. Then sell the futures down hard to knock the market. And voila, a well executed bear raid.
The SPX fell roughly -2.0%, while the small-cap RUT fell -2.6%. Brokers were hit the hardest, falling -4.5% as a group, followed by homebuilders (-3.6%), banks (-3.2%), retailers (-2.4%), and industrials (-2.1%).
The market was so weak, that even oil reversed its gains and fell on the day. It closed below $58. The 10-year yield also fell below 4.50%, which should help liquidity, but not so much today.
So this is the retest. And it feels awful, just like they always do. If you have ever looked back at a good buying opportunity in hindsight and wondered why you didn't buy everything in sight, it's because on days like today, who feels like buying? Answer: No one.
The SPX fell roughly -2.0%, while the small-cap RUT fell -2.6%. Brokers were hit the hardest, falling -4.5% as a group, followed by homebuilders (-3.6%), banks (-3.2%), retailers (-2.4%), and industrials (-2.1%).
The market was so weak, that even oil reversed its gains and fell on the day. It closed below $58. The 10-year yield also fell below 4.50%, which should help liquidity, but not so much today.
So this is the retest. And it feels awful, just like they always do. If you have ever looked back at a good buying opportunity in hindsight and wondered why you didn't buy everything in sight, it's because on days like today, who feels like buying? Answer: No one.
- Will The Streak End At 8?
- Sneak Peak Ahead Of The Open
- The Week Ahead
- A Mostly Flat Open
- Midday Check
Examples
Morpheus Trading - Mon Jul 21, 2008 08:33AM
NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them if [read more]
Morpheus Trading - Mon Jul 21, 2008 08:31AM
NOTE: Please click on the charts below to enlarge them i [read more]
NOTE: Please click on the charts below to enlarge them i [read more]
Millionaire Now! by Larry Nusbaum - Tue Jul 22, 2008 09:23AM
Hedge funds have made billions this year shorting the banks, [read more]
Hedge funds have made billions this year shorting the banks, [read more]
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