Calling For A Snapper
I rarely go out on a limb publically. But on TheStreet.com, I posted today when the market was down over 180 points that I thought a snapper was lurking. I am seeing such a spike of negativity, that I think a late rally could erase all of today's losses!
The put/call ratio has been above 1.0 for 3 straight days, and today it opened at 1.72. That's huge. Also, the ISE Sentiment Index hit a new 52-week low at 83. Add to that the volatility indexes (VXO/VXN) which are spiking to new highs (ytd).
I am also looking at a few stocks we own, which I think are good "tells" for this market. Look at GOOG, SNDK, and KSS. They are all up today, in this terrible tape, and bode well for a strong close.
Engine room, more steam!!
long GOOG, KSS, SNDK