The futures traders make it seem like it's all about Greece, but it's not. The truth is institutions have been net sellers for the past few weeks, while the bagholders keep buying the dips. Greece could crash the markets, or if they have make an 11th hour deal, markets may spike briefly, and then they'll sell the news and start a real correction.
The supersedeas bond is a formality, and is common in these kind of cases. The issue here is the appeals process can be very protracted, and will probably be an overhang on the stock for awhile.
Get out now! Of course they don't say anything about how you should sell this season, but you can bet come October they'll be telling everyone "tis the season to buy stocks".
And Tom Lee, Jeremy Siegel, and all the rest of the CNBC pumpers, including the worst of all, Cramer.
So why is the market up you ask? Because hedge funds that play the etfs, as well as short covering, has driven the market higher.
That's my story, and I'm sticking to it. I have a news flash for all the longs out there. Institutions have been net sellers of stocks over the past few weeks...this is a fact, and it's documented by those who do the math and the research. It's only a matter of time before this all crumbles, and we finally have our 10-15% correction.
Durable goods, biggest drop since 2009, US mfg. PMI, weakest since Oct. 2013, the markets don't care. I'm thinking if Greece cuts a deal, the markets will sell off big time.
Many times when you see that, it's a prearranged buy/sell, usually between institutions. There's no price movement with the 120,000 shares traded, so that supports my opinion.
which is where I think it can go by tomorrow or Weds. I was short, went long at $96, and will double down if I have to.....This sell off is way too extreme, esp. for only 2 days considering no fundamental news, other than a short seller report.
Was short, went long right at $96. What I find odd about today's sell off, is that it's all in one day. That's very unusual, and indicates to me that it may come off the lows here just as quickly.
I can't even begin to tell you how much money I've left on the table this year, both long and short. It hurts, but that's the life of a trader.