The fact that S&P has been stuck in a tight trading range shouldn't surprise anyone... I believe the index is oversold in the short term and could quickly retest 1,100 before falling again. It recently broke down from a rising wedge and fell nearly 57 points from its previous peak (1,129), suggesting a quick sucker's rally isn't out of question. Fundamentally, there doesn't seem to be any short-term catalyst which can get the index out of its trading range, and therefore I remain extremely short-term sighted and continue looking for quick long and short opportunities. While I remain pessimistic over the growth prospects in the U.S., I do not foresee a "double-dip" for the economy due to record-low interest rates and pending election in November. I believe the Democrats are willing to shoot every bullet in order to keep the ship from sinking before the election.
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