Monday Morning

Gator's Chart of the Day: SP-500

We have had nothing but bad news over the weekend.  That was a continuation of the bad news we had  last week.  Is there good news on the horizon?  Maybe, but as long as Europe is divided on what to do and China is slowing there isn't much for equities to do but sink.  This could be the pattern until the Greek elections are completed or the results of pre-election polls are conclusive.

Are we oversold yet?  We aren't even back to the 200 day simple moving average.  The bounce (or should I say the pause in the descent) took some of the dip buyers money.  Treasuries are not yet overbought (RSI on the 10 year is 66) so I don't think we have to be in a hurry buy stocks.  Gold miners could be an exception.

Patience is a virtue and cash is a cool hand. If that cash is denominated in $US that's very cool.

Edit:  I have the wrong chart up there.  We are below the 200 day simple moving average.  Sorry about that.