Sucky markets. A general malaise seems to be taking over in the markets. Tomorrow is the end of the quarter so I wouldnt rule out a jam attempt. I'm short some appl which was a mistake beacause its been a eoq mark up canidate. The longer this goes on the more convinced I am becoming that we are seeing a a major long term top and the potential for a massive repricing of risk throughout the globe. Sub prime is not the only bubble outthere. Cheap money is responsible for leverage and risk taking in almost all asset classes across the globe.
Bulls continue to point out that when sentiment reaches extremes like last month that it results in very high probability that the sp will be higher 3 months later. I continue to respect that edge, but I it will be proved in correct over the next montht. The data is becoming too overwhelming to ignore and there are surely financial casualities that have yet to be revealed.
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