Tuesday, August 28, 2007

Go Browns!!

I am taking off for Cleveland tomorrow to take my 3-yr old daughter to visit my parents. Thanks Mr. Market for spiking volatility the day before my trip. Figures.

Anyway, my blogging activity will likely be sporadic at best until I get back on Monday.

I put a little cash to work at the end of the day today, but also kept some powder dry. The market breadth was ugly:
  • The ARMS Index closed at 3.23
  • Downside volume on the NYSE totalled 93%
  • The put/call ratios soared to elevated levels
  • The volatility indexes spiked +15%
  • Overall volume was fairly low vs. prior selloffs

Remember, I have been discussing the potential for some sort of retest of the recent lows, now that the market had experienced an oversold bounce. This is the normal technical action of corrections. But I still think that the market will not go to new lows. That call doesn't feel so good on a day like today, but I'm sticking with it.


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