Click here to listen to Through A Trader’s Eyes Podcast 23 – June 29, 2010
Filed under:
Money & Investing
- Enjoy the long weekend everyone!
- #ISM giving traders a reason to sell. The pause that refreshes.
- #ISM comes in less than expected. 51.5 vs. estimate of 53.2 . Will bulls ignore this number? Market has dropped a tad.
- Best ETFs on the day are high beta Russell 2000 & anything betting against treasuries.
- American bond ETFs selling off in the last few days. Sovereign debt ETFs & funds holding up.
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Well, I’ll give Karl credit with marching to a different drummer and being a contrarian. a lot of talking heads seem doom and goom ahead. However, the US economy, and certainly the emerging economies, are powerful engines that seem to be robust in spite of the efforts of politicians to kill them off. On indexes, I’ve been watching stochastics and RSI, with a 2 average (instead of the 14 default value), and it looks to me like we could at least get a positive bounce here.
Karl,
I agree with you that the market is oversold in the short term. I see SPY bounce back to 107.39 in the short term, before falling further below current levels. Any thoughts?