Wall Of Worry Wednesday – Time To Climb? (SPY, FXE, FXI)

Loading...
Loading...

Phil Davis: Are we there yet?

As you can see from David Fry's chart of the NYSE McClellan Oscillator, we are dipping into oversold territory and that usually doesn't last very long.  Overbought doesn't last very long either and, as I mentioned in Monday's post, we took that July spike to “overbought” as one of the signs that told us to short the market into the August collapse.  We went long at the end of August and cashed out our short-term portfolios two weeks ago so we aren't looking to catch any falling knives but, as I said yesterday – there are certainly bargains to be had already so no reason to have an empty Long-Term Portfolio as we can hedge for a drop back to the August lows (S&P 1,100) SPY.

There's plenty of scary news out there.  I sent out an early morning Alert to Members at 6:32 as Germany had a failed auction of $8Bn worth of 10-year bonds, with bids falling 35% short of the offer!  Euro-Zone PMI reports SUCKED FXE now running at 29-month lows (May 2009, when the markets were about 50% lower than they are now) and Chinese PMI fell all the way down to levels not seen since March 2009 FXI, when we had a total market collapse – ah memories…

More shenanigans from the Gang of 12: Three investment funds file suit against several major banks, accusing them of conspiring to artificially suppress LIBOR, robbing investors of returns. U.S. and U.K. regulators have been investigating…

 

Please read the rest of Phil's Article here!

More on this topic (What's this?)
SPY Technical Analysis
Can The Hope Rally Continue? (DIA, SPY)
Back-testing Paired Switching Portfolio Allocation
Read more on SPDR S&P 500 ETF, Currencyshares Euro Trust at Wikinvest
Loading...
Loading...
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...