What is there to say on the S&P500?
Well, given how full the blogs are each day of opinion, chatter, charts and so on, a lot!
But, really, what is there to say?
Tsachy Mishal encapsulates my thoughts nearly completely in this post, noting the positives and negatives and wrestling with the implications:
Market Pros and Cons
As always from Mishal, an excellent post.
Seems to me the market has worked off some excess bullishness in the general sideways tracking of the past month or so. The market seems cautious now, the euphoria has dissipated. The bears are getting interested by the gathering clouds, but the BTFD trade keeps coming back at them. Bulls have not had a whole lot of joy either; sure we get new highs but wow, what a grind.
Is the iPad3 release going to be a catalyst for a ‘sell the fact’ fall in AAPL … and perchance the market as a whole? Dunno. Plenty of AAPL bears around, plenty of shorts still around to drive it higher.
Check out Dynamic Hedge too. Interesting post on how the market has behaved in the past when seeing a ‘pattern’ like we are in at the moment. Pay particular attention to the ‘spoiler alert’.
Glad I’m a day trader. Whew.