The buying this afternoon gave the first long set up that I've seen in a while. It's likely that lots of traders are looking to trade a bounce, the only question is will it bounce now or later.
Stocks are pretty much oversold across the board and the run up in bonds in crazy to say the least. We'll probably see a good bounce this week, unless there's significant news from Europe that drags the market down. The key indicators to be watching are bonds (TLT) and the Euro (FXE). Note that even when stocks were negative earlier today, the euro was still up and bonds were still negative...that was a good sign play the market to the long side.
We'll see what happens.
TLT
Stocks are pretty much oversold across the board and the run up in bonds in crazy to say the least. We'll probably see a good bounce this week, unless there's significant news from Europe that drags the market down. The key indicators to be watching are bonds (TLT) and the Euro (FXE). Note that even when stocks were negative earlier today, the euro was still up and bonds were still negative...that was a good sign play the market to the long side.
We'll see what happens.
TLT
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