Some interesting comments from Briefing.com about the chatter around the markets today (emphasis & sarcasm are mine):
14:30 ET Floor Talk: Tough to find anyone willing to say that Tuesday, Aug 5, is a good day to be long equities. On very short-term basis, traders discouraged by the inability of the positive ISM data to get the market going. Also, intraday reversal in Treasuries (10-yr -1 1/32, yield 4.419%) has dashed hopes that the bond would stabilize here, and allow Financials to climb out of recent rut. And, as we’ve commented on in recent days, trading desks continue to bring up point that the technicals are reading overextended (news flash!). Overall, institutional accounts seem to want to be short, and the only thing that has kept them from moving aggressively in this direction is the propensity for the market to pop on Saddam rumors, sector upgrades, and the such. Fact that a name like CSCO got almost no mileage out of upgrade just ahead of earnings is leading some accounts to think that it may be finally safe to put on short positions without fear of a backbreaking squeeze. We’ll see.
Take that for what it’s worth.
