I am having bad flashbacks to the summer of two years ago, known around these parts as "the lost summer". Raining every weekend sucks and can really shorten your summer if you like outdoor things to do. Here is hoping we can get out of this recurring pattern soon, ugh.
Note: I should be attending "Bruins Night" at a New Hampshire minor league baseball game for a friends son's birthday tomorrow night so there will not be the usual Friday Night show, unless it rains! Maybe Saturday night.
The cable station TNT has nothing on the markets as of late in the 'We Know Drama' theme! How about today's whiplash action?:
I could spend some time talking about all the stuff that happened during the day, but you probably already know about it. Quick list:
-Follow through on the Bernanke "bemused speech"
-With oil dropping NOW is a great time to tap the strategic oil reserve
-Greece finds ground with IMF for a austerity deal (sure to make the strikes in that country go away!) and will vote next week
I wanted to point out one thing that I have been hammering away at as of late and that is sentiment.
If the sentiment and fear indicators are correct you would not see any reaction to a known parameter like the Greece news. Traders and others would just plod along reducing position sizes and raising cash. We are not seeing this. Every tidbit that comes out whether it be Greece or QE 3 dreams, the markets get ripped to the upside via panic buying. If you are afraid you are not looking for "a" bottom or "the" bottom, you are looking for the exits period.
Making the rounds on the Internets there are all kinds of views; bearish, bullish, neutral, confused (me). Still, the large majority are made up of folks just begging for any uptick to get long. If 30% are bullish, this seems wrong and so again I saw the metrics that gauge this stuff are not applicable in this tape. I know quite a few very good market players read here, by all means leave a comment or email me (I can check my smart phone for email during the day, amazing!) and let me know what you are seeing.
In the end, the Greek Parliament has to vote on the austerity plan next week, and it WILL pass, that is a given. The data is coming in weak (jobs numbers are atrocious!) and should for another month at least. We have a bemused FED head and a market that wants to run higher. In short, it's a mess. Unless you can make quick hit plays (like my MAKO win) this action is too crazy to get way long/short/involved. I really do wish it stops raining, this is prime time fishing time!
Have a good night.