Goodbye 880 - Rough Financials

Well, as of now, we have breached that critical 880 number for the S&P, which should definitely show a strong, downward momentum trend for the time being in the markets (hopefully we close there!). Another selling day was surprising for me to see, especially after the large amount of selling that occurred on Tuesday. Just from the headlines in the news, you can feel the shift in sentiment, as once again investors are questioning the stability of the markets. If selling continues to pound against them, which I expect it will, that sentiment will only get worse.

Financials are showing strong weakness today, as FAZ has been up almost 10% most of the day. When we see that initial shift in sentiment, it is usually bank stocks that are the first to react. We saw this with the positive shift back in March, when many of the banks doubled and even tripled in stock price. We could see that same result, only reversed, this time around. As of now, Obama and company have decided to sit still and wait for the time being, but I wouldn't expect that to last much longer. If we see the markets really kick in to selling, I would expect discussions of a new stimulus to come to surface.

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Gold is continuing to show weakness as commodities and energy continue to suffer today. A put on GLD is now in the portfolio as I believe that deflationary trend will continue. Also, we can see the sufferings of MGM and LVS today, as they are very closely tied to the financial markets. Puts on them are performing very nicely today. Also, I postponed yesterday's podcast to today, so one will be posted this evening. Happy Trading.


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