Weekly Sentiment Survey: Bearish Bias in the First Part of June
In week three, our team sees reasons to be nervous about the market.
Chart of the Day
Position: None
Recommended Viewing
The Goat (Howard Marks) — pay particular attention to Howard’s discussion of the AI boom with the dot-com boom at the 18 minutes and 30 seconds mark:
Position: None
Added to Index Shorts
I added to index shorts:
* $SPY $742.91
* $QQQ $722.06
Position: Short SPY (VS), QQQ (VS)
Tweet of the Day
Position: None
On Monday, Sellers Stayed Home, but So Did Buyers as Wall Street Turns Cautious
Was there a turn in sentiment? A small one, but will it translate into something bigger?
Back Shorting the Indices
With S&P futures +31 handles and Nasdaq +215 handles, I am back shorting the indices:
* $SPY $742.48
* $QQQ $721.42
Position: Short SPY (VS), QQQ (VS)
Oscillator Now Closer to Neutral
The S&P Short Range Oscillator slipped closer to neutral at 0.56% vs. 1.22%.
Position: None
Netflix Shares Get Ready to Pop While Bond Prices Drop
Today was a pathetic excuse for a rally. But here’s what I’m watching.