Comming into today, I think a lot of the fast money folks, especially the bearishly inclinded ones were thinking the same way as me i.e. they felt good news would be sold by the market and so they shorted what looked to be a weak rally early in the morning. I almost did the same, but what held me back was the fact that the market leaders tech and emerging markets were showing relative strength, in addition, the put/call ratio was a bit on the high side.
So now, these trapped bears are hoping and praying for an end of week sell off to get them out of their bad trades....I'm seeing this happen first hand from a couple of the "dumb money" bear traders I keep tabs on.
So do we get some sort of an end of the week fade in this stength? hmmmm....tough call but I wouldn't hold my breath....
I've been enjoying a fanstastic day today outdoors here in Toronto. I'm taking full advantage because there won't be many day like this left. Summer arrived quite late here....
Hey, didn't know you are living in Toronto. Great city, I did a 6 months exchange program with University of Toronto. Enjoyed myself immensely :)
ReplyDeleteI wish I could have done some sort of exchange program to experience another country and culture....somewhere in Asia would have been nice....besides, I have a thing for Asian girls!..and now I am marrying one! lol! I'm of italian descent.
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