All about fear

You see stocks and commodities falling off a cliff, all but gold which has held up nicely. People are in fear mode and capital preservation, with debt worries and no talk of QE were almost right back where we started from in  stocks. I really think that technicals do not matter at this point at all.  I have written about the US stock market as a house built on a poor or weak foundation and you would think its an ideal situation to short it and then you get a 5 day rally that takes out three weeks of gains (if you were short). Best to sit in cash or physical metals if you are nimble and i certainly am not nimble enough to fool around in this environment.

SPX futures are down over a percent this morning again, debt worries, really?!? There was a point when I thought this market would just fall off a cliff because of end of QE but now I see a range can be had till end of August when there will be enough bad data for the fed to justify more easing. Lower range 1260 upper 1350. and so here we go treading water unless you wanna trade that range, its big enough but it looks too easy and that scares me, i'm not fooling around with it.