A weak attempt at a rally is occurring in US equity markets. Early 1 percent gains for the S&P and NASDAQ have been cut down after -7.7 percent pending home sales - a leading indicator.
The markets remain very oversold but trying to pick a bottom is pure gambling and those who have attempted to bottom feed during this crisis are likely looking to be bailed out.
Looks like I missed the boat temporarily on the bearish ETFs but like a good friend of mine says, "You can't lose what you don't put in the middle....." okay so Matt Damon and I aren't pals, but you get the gist.
I'm actually looking to reenter UCO but Friday's payrolls number may put an old fashioned licking on any bulls. But my good friend Matt said "You can't win much either."
Buy 1000 UCO @ 6.70, stop at 6
Tight 10 percent stop in case I am wrong.
Live from the Lone Star State
Eat barbeque
TM
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