Well, I'm all out too, as of last week. PBY has been stronger than I thought. Sometimes my sells are buy signals. VSH is up a point from where I sold it weeks ago, and I failed to buy the dip. Best of luck to all.
The New York branch of the Federal Reserve reported its Empire State Manufacturing Index fell to minus-9.41 in June from minus-4.55 in May, indicating difficult times in the sector and presenting a headwind for economic growth.
as an aside, MNRO, ORLY, AAP and AZO have all been underperforming the market. I think people we'll still see the beater with a heater effect long term but this may get mitigated short term by the cash for clunkers effect short term.
definately turned bearish short term. VIX got a nice pop up today. Volume was weak which is bullish, but the XRT looks like its double topped.
Overall there is very little to be bullish about. The euphonria of the last two months has priced in a significant financial recovery that has yet to occur and nothing indicates that it will occur.
300% move since march, gotta wonder what happens when the momo buyers sell their shares.
They may overshoot to the downside again! I bailed on Friday and bought FAZ and got stopped out with a nice gain ,raised my stop too close. Had a bad feeling about this week ,but was impressed with PBY's strength today ,too much market headwind, hope it doesn't get out of hand but am buying more FAZ for a hedge.