Where Is The Follow?
Traders came in looking for a reason to buy across the equity complex today, but found sellers at every turn, leading us lower and thwarting any chance for a morning rally.
The pit action in the SPZ has been uneventful, as both the upside and downside appear to be capped for the time being. The one thing that is scaring me is the fact that the DJIA is now lower after opening in continuation mode after yesterday’s bounce off the lows. The reason I’m concerned by this lies in the fact that everyone I spoke with, from dealers to managers to traders, all talked about how scared they were with the weak EuroCurrency and Crude Oil. Well, today these products are all working in favor of equities, and we find ourselves underwater.
This flat out tells me there is more negative sentiment than most players previously thought. I am looking to continue to sell rallies and look for lower prices today. If things became real hairy, any settle below 1448 would be bearish in the near term.