Market Update

I'm actually watching the trading portfolio longs VERY carefully. If this is the bounce that we prepared for, I'd have to say I'm not that impressed. It's not the movement because the knee-jerk is a given and the pause during Bernanke's speech is a given, what however is not a given is the fact that charts that should at least be catching up with price, even for a short term long, are not.

Also, although it's too early to say while the dust is still kicked up, some of the more positive behavior I've been watching for in VIX based assets that hasn't been there, is starting to develop in a few areas.

Bottom line, for the short time we've had this move to the upside, I expected a bit more, so I'm watching these long assets carefully.

There is a high degree of splintering between different assets, say PCLN (which I have a >$1200 target on before a drop) which looks a lot better than Financials broadly, so I'm a bit more worried about the FAS long than I am the PCLN long trading position.

Again, it's too early to make any really serious assessments, but early indications are disappointing considering we essentially called this move on the F_O_M_C, if not by the posts which were tepid, but leaning that way, then certainly by the fact the trading longs were all kept in place.

More as it develops