Look Out Below, Mid-Week Edition

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A quick note as I settle back into my routine after being on the road a few days (sorry bout all that volatility while I was traveling).

Getting out of NYC and watching market from afar (and in a different time zone), a few things that were noteworthy:

-US markets closed better than they opened;

-Euro turmoil is definitely impacting trading;
-The slow grind making up the day saw better final prices than futures would imply.

-Trading was much weaker when European bourses were open;

-There remains an underlying liquidity bid containing the downside so far.

Note that this is not the wishful thinking of  a permabull, as we are now down to 40-50% equity exposure. As noted, I’d like to see lower prices to put some equity exposure back on.

Be back soon . . .

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