I thought the PPI was going to be somewhat hot, it wasnt. As for the cpi, who knows. If its in line expect new highs on the dow tomorrow morning, a strong cpi and the dow gives back at most maybe 20 points.....
If psychology shifts towards a rate hike, and this number may raise the odds quite a bit we just may see that shift in the next few weeks. Not a bear, but pulling in my horns for now, I need to see a good correction and I will re-enter from the long side until then have at it. I will not be establishing any new longs up here.
The shorts include not only those with net short positions but also those that remain short against their benchmarks. One survey that I saw last week from an in-house strategist puts the latter group at SIGNIFICANT levels. These are the funds that will drive the rally. Their "puke" points are already being hit and it will continue as we move higher. Oh, and yes. There are those that are actually still net short from the March lows.... Last week's lows will not be revisted until next year.... Enjoy the ride!
record highs across the board ymbol Name Last Trade Change Related Info^MERV MerVal 2,228.72 11:38AM ET Up 15.74 (0.71%) Components, Chart, More ^BVSP Bovespa 48,735.52 11:39AM ET Up 809.32 (1.69%) Chart, More ^GSPTSE S&P TSX Composite 13,625.13 11:23AM ET Up 46.51 (0.34%) Components, Chart, More ^MXX IPC 29,964.55 11:19AM ET Up 357.58 (1.21%) Components, Chart, More ^GSPC 500 Index 1,466.96 11:39AM ET Up 14.11 (0.97%) Com
just sold out of one of my long positions. Took a little profit, looking to buy some TWM around 62 with the profits.
I wouldn't be looking to short even on a downdraft. Later this year will be the time to begin building shorts. NOT BEFORE.
One strategy I like in a runaway bull market like this is sell part of my long positions on strength and then buying them back at (slightly!!) lower prices. But not shorting. You short this market and it gaps up in your face on some ridiculous takeover for 100% cash.