The "sell the news" effect continues. Stocks such as IBM go down even on decent earnings, as are stocks with not so good reports such as CSX.
Right now I am telling myself "don't be the hero," wait for the dust to settle. The selling squall will likely pass, but that is never a certainty. I'm looking for an entry point in EEM and/or IWM on the long side, but again, will wait for the dust to settle. Fast markets with wide swings tend to be a dangerous place for relatively slow moving position traders like me.
Gold is looking weak in here. I tend to be long term bullish on gold, so didn't take the trade when I posted about a possible rally failure a few days back. GLD 99 would be a downside target if I were short.
Long SPY, TLT
No comments:
Post a Comment