By Hedge Ly
The last week and a half of trading has been range bound. Specifically the S&P500 which has been in a 1o point range, stalling out at every major resistance point. This is not to say it has not blown through others, though volume has been decreasing with ever push higher. Again, remember "volume precedes price". Most of the action i have seen is in individual names under or outperforming the markets. Big names are not participating, such as GS, RIMM. These guys are bellwethers, GoldenSlachs had consistant selling pressure most of the day the last two days, rumor was insiders were selling. Maybe this is true, who knows? More evidence equities are going to puke is the shoring up of the dollar, remember long dollar short equities and commodities...What i do feel is the trade is coming to an end, if you are buying stocks up here you are playing with fire, you will get your chance to buy again. I know the tides are turning when the media starts stepping up the bearish tone. Also, they are having more contrarian guests on, heck even Bob Pisani thinks we are overbought. Hedge Accordingly
Tuesday, August 11, 2009
Market showing signs of stalling? Dollar biding coming in..
