Tuesday, August 14, 2007 5:44:59 PM
Since 7/19 top, only small speculators are slaughtered. As we can see on the COT chart, large and commercials are short while small speculators are long. Remember commercials net positions are hedges.
We have CPI number tomorrow and bearish market sentiment is not changing.
Breaking the current support and trading below it tomorrow will be targeting SPX 1360.
The irony is that market looks to be using what was working in the past as a contrarian indicator; so, be careful.
We have CPI number tomorrow and bearish market sentiment is not changing.
Breaking the current support and trading below it tomorrow will be targeting SPX 1360.
The irony is that market looks to be using what was working in the past as a contrarian indicator; so, be careful.
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