By Sell Puts
Today's trading action was finally mild confirmation on bears taking the stage. A few things happened today which have not happened in the past sell offs during this 2 month rally. The main observation should be the gap held in the am, followed by sideways trading action in a mildy sloping downward trend. Second being the action in the last 45 minutes of the trading day, ultimately resulting in a close on i believe were the days low. The bears were finally able to keep the bulls at bay, bid whacking all day today kept the bulls in the pen. Setting up for today was some squeezing into the close on Friday, followed by a bottoming in UUP which Erik mentioned here, http://erikmarketview.blogspot.com/2009/05/us-dollar-gold-oil-may-11-15.html. This is all signs equities are becoming weak again. If we can get UUP back up into its channel, we might continue the onward march, bringing energy prices back down, along with commodities. sorry for the outside link. The energy prices come down because of the shoring up in the $'s value, we saw this happening during the recent "crash" as money poured into treasuries and out of equities.
Drumbeat: June 2, 2012
5 hours ago
