Being Opinionated:
Opinions are said to be like ass%&-#@, everyone has one. Of course in the stock market there is no shortage of them, and there have been some high profile ones recently. Today Kostin from GS said he is taking his worst case scenario for the S&P off the table. Jamie Dimon of JPM, predicted a very bad recession, last week. Dan Niles is ramping up his short positions once again. And of course this is my note, so I will opine on what I am thinking. Now before I do so keep in mind I only trade off PRICE action, so take this with a grain of salt. I have been bullish for a few months now, but what if after we “get back to work” in the economy say in a couple months, it becomes a “sell the news” event. Perhaps many perma bears out there will flip bullish then, and then we sell off in a meaningful way. Getting back to PRICE action, which is all that matters, one can look Monday through a rosy lens with a look of the worst performing sectors today. Normally on a weak session, the “defensive groups” rise to the top, but notice the worst 2 of 3 major S&P sector performers today were the utilities and real estate (technology was the best).