Thursday, October 06, 2005

Ugliness III

I've focused on trying to find some positives in the tape today. This is one of the few things I could find. It appears as if the S&P could bounce off it's 2 year trendline, but there is still a little room for decline. We will find out over the next few days. As a trader I would expect some type of mini retracement tomorrow, at least in the morning, as shorts cover before the weekend. Overall it is really hard not to be bearish on the market after a 3 day move like this in a rising interest rate environment. It really hinges on how the hedgies choose to make their 4th quarter, by buying the decline or shorting the market. The first few earnings revisions will dictate the path of least resistance for them. Anything between now and then will be REALLY volatile.


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