Tuesday, July 13, 2010
Baltic Dry Index Collapse
The chart says it better than me:
Anyone besides me wondering why Exxon Mobil (ticker: XOM, 42 month daily linear plot) is struggling at levels below its closing lows from the Great Fall Panic of 2008? I'm sure it's nothing:
Meanwhile Apple (ticker: AAPL, 6 month daily candlestick chart) looks like it's forming a decent topping pattern here:
Heavy put buying day today for me. I am done buying puts on the S&P 500 and have one last order in to buy puts on commercial real estate if the triple bullish DRN ETF goes higher. I'm not buying this rally at all and I'm wondering if we're headed for another "flash-y" crash. I think a medium strength wind can blow this market over and when it rolls, watch out. I remain black bile bearish on all equities here.