Squeeze Me, Seymour!
If you're gonna be a bear, be a grizzly baby!
They Chicago Purchasing Manager stopped by to tell us things are a bit better, thank you, and the futures are dutifully spiking on that news. Remember, when we're this oversold, you have to be ready for sharp moves (the most vicious rallies occur in a bear market) but, gun to head, the Shim Sham is still in place. In other words, I still think that there's a nice rally--but I still think it comes from lower levels.
Despite the potential head fake breakdown on the BKX (in point & figure, it just has to tick at a level to confirm), I'm going to put another leg in my metaphorical bear costume. This makes 50% conviction, baby...let the games begin!
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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