Wednesday, November 21, 2012

If there was a day to reshort, today is it.

Market was flat last night, moving lower from a higher performance, after Bernanke's comment about the fiscal cliff; we saw a cautious sell-off.  We will definitely see a relief rally if we get the deal done soon.
France was downgraded; but market didn't really care, however the Greece is facing a 15bn hole; and the market is crying wolf to any euro issues.  This is the point where the complacency can really hurt the market over a short few days of selling.
Copper, oil and gold all sell off as indicators we may see another continuation in the selling that we'd seen in the markets.

A short position in the sp500 at 1387 would be be a good position with a stop just above 1400.