S&P 500 rally yesterday was totally unconvincing, and allowed for most opportune short positions initiation. Combined with my increasingly bearish calls for stocks to roll over, today is one of those days to celebrate. The analysis today will be therefore brief, and presenting the call for stocks to roll over late yesterday, S&P 500 topping out below 4,300, and positioning going into today's PPI, housing and unemployment data. What a stagflation combo bringing up 50bp Mar talk on the table!
The bears aren't likely to waste this chance, and a solid day in the red awaits. Yesterday's signs were clear (chart courtesy of www.stockcharts.com), and real assets are to hold their ground increasingly better over time. Refresh your 1970s studies or memories even if not first hand, as these will keep serving you well!
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