My Conclusion

I have moved from neutral to bearish on the market based on the factors from my previous post. What has changed since last week?
  • The largest factor has been the increase in equity offerings, primarily Bank of America. There is a large offering calendar for the coming week.
  • The market is no longer oversold, as it was early last week.
  • Seasonality is more neutral as we passed the beginning of the month.
I have a moderate net short position and will be looking to increase my position on strength today.

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