Major averages are looking to test recent support. So far I think things ought to hold...but who knows? Greenspan is opening his yap again about the Chinese market...won't he shut up?
The story of the day...and you heard it first RIGHT HERE...is the further implosion of the long bond. CNBCers were yapping about it a whole lot today...once again I'm on the cutting edge...not that anyone notices or cares at the moment.
I wouldn't short semis here, because they're just coming off of very extended moves...but I sure as heck wouldn't buy them either. Look for more semi weakness tomorrow.
Nothing to do for me; I've bought aggressively now I wait to see if I'm a genius or a fool. I've about 10% cash so I'll hedge a bit if things get ugly quickly. Mostly I still like my stocks, but many of my positions look very extended and in need of some well deserved rest.
My fear is that support levels will get taken out quickly on bad news. In that case, I will need to lighten up quickly. But we will cross that bridge when necessary. But that is the danger in these very frothy markets.
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