Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

A thought after the news...

By

PrintPRINT
Clearly, an employment report that was worse than expected coupled with the resignation of the Treasury Secretary has led to significant weakness in the futures.

Over the course of the last few days, I have been beating the "pullback" drum because the market had become too extreme to the upside and the feeling that the fundamentals were improving was too strong, especially because this countertrend rally has been led by non-fundamental factors like performance anxiety and asset allocation switches.

The weakness over the past few days has been enough to alleviate very near-term overbought condition and I would now anticipate a rally back to last weeks high - despite the news backdrop today.

Don't misinterpret me though, that doesn't make me bullish because I continue to believe that 95% of the gains are behind us and that any move higher - even if marginal recovery highs are made - is likely to fail. My main point is that after getting the pullback I expected and working off the overbought condition, it doesn't make sense to be a seller here. At higher levels, that would not be my view.
< Previous
  • 1
Next >
Whoa nellie
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE