Sell It All

Today ended up being one of those days when every market caused investors to groan and head for the exits.  Whether it was equity, fixed income, or commodities, prices were lower across the board.  And with these markets collectively out of favor, I tend to believe that today's price action did little to provide insight on where things are likely to go next week.  The only interesting development of the day was the S&P 500's bounce off the 1,065 level, which marks the lower end of the recent trading range.  This suggests two things:  1) The range-bound trade is still alive and well and will live on for at least another week. 2) This market remains in search of a catalyst and broad participation.  Taken together, these characteristics suggest that this market is still quite dangerous and prone to sizable swings with little or no fundamental basis.  Whether or long or short, I'd be cautious about adding positions any where but the extremes of the 1,065 to 1,131 range.

With the markets not really doing much today, tonight's post will have to be cut short.  August is drawing to a close and I'm leaning towards reigning in my small outstanding equity positions in an effort to stay out of the normally dour month of September.  However, with the bounce off of 1,065, perhaps I'm getting my last shot at making a little money in my 'last rally of the year' trade.  We'll see.  Until then, let's hope that this market decides to give us all a little direction and this blog a little more content.  Have a great weekend and I'll see you all back here on Monday evening.  Until Monday.....