other than the jaywiz index, most other tech data is signalling a short term buy
A 1.00% rate cut would signal, IMO, a TOP in gold and oil, as there is no more room at the top.
Other than fiscal or other mortgage foreclosure assistence, monetary action is just about as far as it can go.
Fed rally today is already built into futures
Jay
4 comments:
Well said Jay.
Have to agree with you. The market has seemingly already gorged itself on news of interest rate cuts and future interest rate cuts. The FED would have to cut no less than 1.5% to keep market engaged.
So the market spoke loud and clear today and I think set the trend for this week. Looking for a low on thurs close--monday morning but a lower high and then possibly another strong week UP.
Is the smart money buying VIX calls? If it's dumb money instead,
then low VIX put/call ratio
is actually bullish. ie on Fri 258k calls vs 53K puts was a good bet on higher VIX, but a lousy bet on market direction, except extremely short term. IOW, on a 4-hour lag,
it was best to bet against low VIX
put/call ratio this time around;
maybe because the sheer quantity of
calls showed too much pessimism.
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