Search This Blog

Tuesday, August 16, 2011

Market Thought... head in sand

Well, Sarkosy and Merkel meeting was built-up, and obviously disappointed. To make matters worse, with comments like "Euro bond is a last resort", they sounded like people with their heads in the sand. I guess they do not care to see the market effect of what is going on.

Anyway, with the lack of leadership, we got our pull back. The SP500 may see 1170s via the 5SMA.

We still have the ECB stepping in and stabilizing things for the time being. I closed out some protection with the acceleration to the down side after the meeting.  Will close out the rest when the SP500 is near the 5SMA.

With IBM and Google's decline today, they look really interesting.

No comments:

Post a Comment