Turnaround Thursday?

The markets have shaken off their early weakness, and moved into positive territory on the session. The SPX bounced off of support at 1292 and has climbed back above 1300.

Credit investor sentiment, with the CBOE put/call hitting 1.17 before reversing lower. And the ISE index hit the equivalent of 1.56! The VIX/VXN also spiked above their 50-day averages before reversing lower.

With so many expecting a pullback in September (including yours truly), the damage is likely to be contained.

Also, oil, gold, and the commodity complex continue to move lower, which is bullish for the overall market and the economy, as it should help ease inflation pressures. GLD looks like a good short here.

I still haven't put any of the money we raised recently to work, but am eyeing a handful of names, including: WFR, CTSH, GILD, LIFC, ISRG.

Long ISE