Phantasmix Stock Blog

Ok, so the good news — looks like the market is correcting fairly quickly.
(Reminder: quick ‘vicious’ sell-offs are a mark of the bull markets.)

Clearly, SPX is now at support. Even if this is not the bottom, it’s not that far off. 1,108 on SPX would be severely oversold and a good buy. That number is the 34ema on a weekly chart.

Yep, not even talking about the macro “news” events. Downgrades and such are not the reason for the sell-off (in my very humble ohpihnion). The market was overbought and many are using this opportunity to unload. Was it news to anyone that Southern Europe is in trouble? No.

A little upset at myself for pulling the trigger on LYG way too early. I thought there was a 50/50 chance it would either break out on some good news or correct with the rest of the market. I knowingly took a chance. The news was indeed good – they’re back to being profitable (!) already, about a year ahead of schedule.

And a bit of a diversion.
“Did you know…”

Zofka, “Pearlsong”