de ja vu, page-111

the usa session turned out pretty much as expected, spi closed at lowest level of this big leg down so far and exceeded the jan lows intrasession. yada yada . The interesting things are that the usa bank index and some other financials like insurance and property trusts actually rose and the usa commodities indexes came off big time. Oil rose a bit and gold came off a bit and the usd index rose slightly. The 30 day paper yields also rose a bit. The vix fell a bit by the close tho it fell heaps intrasession before recovering. The put/call ratio also came off slightly tho still at a high level. In summary, the financials finding a bit of support and commodities coming off a bit (cept oil), short term paper yields rising, vix and put/call falling all suggest a drop in fear. If fear is diminishing, can greed be far behind.

The long term trends are strongly down still and oil is still high, so don't read too much into the bullish spoor, but its there.