End Of Quarter Crash

I have clearly been wrong about looking for a turn of the quarter rally. That said the S&P 500 is down more than 100 points since last Monday and there is universal unanimity that breaking 1040 has put a final nail in this markets coffin. In my experience when it is this ugly it pays to suck it up, take the pain and wait for a bounce. Even if it happens from lower levels there should be better levels to make sales into. Pass the Excedrin. Have a good night.

5 comments:

Anonymous said...

China PMI out tonight will trump everything (9pm NYT). Good number and you will get the bounce you are looking for (that should be sold IMO). Bad number and we will get a big flush out tomorrow.

Good luck,

JD

Anonymous said...

53.2 the Bloomberg survey on that China PMI btw.

JD

Anonymous said...

Comes in at 52.1, futures printing new lows down to 1021.50.

Not too bad of a reaction considering the miss. We'll see if the HSBC release confirms the weakness when it comes out at 10:30

Anonymous said...

I am not feeling any capitulation? Maybe i'm getting use to the swings? Some of these stocks are still way high in price. Aapl needs to come down to like 180. GS around 100. Then I would say the selling is overdone.

The market as a whole is still way to expensive.

Anonymous said...

Major indexes are down between 6-7.5% YTD. According to ICI, investors have pulled $32 billion from equity mutual funds since the "flash crash" nearly two months ago. Where is the money going? Most likely to bonds, gold and paying down debt.