Hey VW...what news? I could give a chit about the "news". This is 100% squeeze.
It sucked me down a bunch the last 2 days. I think, Friday and opex will be down.
I'd say we head down some more after this miraculous squeeze. It looks as if the big boys are stepping the market down. I think we are definitely on the downside of the parabola. Squeeze up, then an elevator ride down. Don't know if it will be Friday or a Monday bull trap that longs can't get out of?
I added (5) more SLB JUL12 $70 PUTs just now. SLB's a weak player and will most likely fill down to the $61s again.
Hey Plash, sorry man, I didn't mean any kind of strength in the word "news". Usually I'll throw the quotes around it- I'm in the same boat with you on that one.
I figured the past two days were all hope and nonsense trying to suck some money back into the market to dump some shares off at a bit higher price. I just don't really see anything good out there at the moment.
Pundits are cheerleading the China cut as if it is a bonus on top of great growth. If anything it is merely going to slow the rate at which they are slowing. Really there's two possible reads- 1., they cut to push hard landing back into the camp of soft landing or 2. things are a lot worse than previously seen and they had to reverse course on the fiscal policy--BUT, just how worse are they? Not bad enough to cut by .50% or more, but bad enough to reverse policy. The Aussie's cut their rate by about the same amount and I wouldn't exactly say the Aussie's are facing the same problems as China.
I'm just sitting in mostly cash at the moment. I really don't want to commit too much one way or the other until there is some sort of definitive movement/moment to really get a feel. I am looking at some consumer names though to add some core position. I've already got MKC, T, and DUK as the core. Looking at KO post split if approved and if the price pulls down a bit before or after to push the yield up. Also, HNZ. I do go fundamentals on some names and sentiment/momentum on others. HNZ is definitely a fundamentals type of play- not much news coverage to get the sentiment factor in there-- same as MKC.