Friday, June 25, 2010

Decidedly Bearish

I have slanted my spy portfolio to be bearish. I have taken off a lot of inventory the last few days. I am now positioned to profit in a move lower. I really think there is a high possibility that we go and break through the 1040 level on the S&P 500 which I thinks bring us down to 1000 level rather quickly. Again I will be ready to sell some more premium on a move to the upside.


Sent to you by Dominic via Google Reader:


via Think BIG by Bespoke on 6/25/10

Yesterday we polled readers on which way they thought the S&P 500 was headed in the near term.  The results show that investors (at least ones that read Think B.I.G.) are decidedly bearish.  As shown below, 65% of respondents said the S&P 500 would go on to make a new correction low before making a post-correction high.  This is about as bearish as polls that we have done get, and it just shows how negative sentiment has gotten recently.


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