This downside movement is great for traders. The VIX was up 43% and is now trading around 17. I really like this action, but today's overnight action is very bullish. The S&P's seem to be making higher lows and higher highs based off the tape. The interesting part is bonds are up overnight while S&P's are still strong. The yen also looks very cheap, and the yen is still strong with the S&P's , by the way, this is fairly unusual during the last year. Otherwise, gold and silver have collapsed in the last two days, and it seems time to get long. Oil also collapsed, and it may be time to get long. Unfortunately for me, I have been and long silver and oil vertical spreads through the last few weeks. As for things that look very expensive, the major market would be natural gas. I have been planning to be putting on several bearish positions, but I am going to be careful as the markets may rise into expiration Friday. My opinion in reality doesn't matter, but I do like to express my views so.
Expensive stocks: TLT, UNG, QQQ, DIA, JNJ, XLF, JPM, XRT, YHOO, PEP, BBY, MSFT, IWM, XLE, WFC,C
Cheap stocks: VXX, JCP, CLF,X, SLV, GLD, BBRY, FXI, EEM, USO, GDX, FXY
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