Thursday, November 12, 2009
Getting Closer
The weakness premarket and the reactive up then down reaction to better jobless claims numbers tells me we are running out of fuel on this leg up. I am still just watching, and will not be too active in the opening hours. One thing I have noticed over the past few days is that Japan and Korea have been seriously lagging the US and European markets during the up moves in October and this month. It was not that long ago that the Asian markets were outperforming the US markets. The weaker dollar doesn't help these markets. Oil has also been lagging on this up move as well. Negative divergences are creeping up, but that by itself will not stop this market. We need a bit more time for investors to shift into their bullish positions before things change. A close above 1100 will get me more bearish in the short term.
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3 comments:
EUR/USD weak today dawg.
This is all I'm going to watch. This is the gauge.
Everyone is watching EUR/USD. I think the S&P is stronger than the Euro. So S&P should outperform EUR, whether it goes down or up. I still think its dicey being short here. Waiting for a close above 1100 to get bearish.
They are absolutely punishing these small banks.
Most of these banks now have market caps under 50 mln.
These are banks that have like 1 or 2 bln in deposits and have like 50 to 100 mln in cash.
And there are thousands of them.
They all went down like 50% during this last rally.
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