Fari Hamzei
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Thursday, July 9, 2009
Wednesday, July 8, 2009
Market Commentary as of Wednesday, July 8, 2009
Fari Hamzei
We still stand by our May 22nd intermediate bias change, to the short side, which was again re-iterated on our June 12th blogpost here.
What is clear now is the very short-term over-sold condition we are in. The chance of short-term rebound (a dead cat bounce) has increased as we enter the Q2 Earnings Season.
This is evidenced by our MoMo reading (first chart) of below -30 as denoted by the green horizontal line and VXO trading near +3 sigma today (second chart).
We still stand by our May 22nd intermediate bias change, to the short side, which was again re-iterated on our June 12th blogpost here.
What is clear now is the very short-term over-sold condition we are in. The chance of short-term rebound (a dead cat bounce) has increased as we enter the Q2 Earnings Season.
This is evidenced by our MoMo reading (first chart) of below -30 as denoted by the green horizontal line and VXO trading near +3 sigma today (second chart).
