SPY: Bottom of the correction here...I'm calling a bottom for this correction here, the market held support from Q2 earnings season, it is still trending up in the long term, even if in the short term we had a correction due to selling due to overreacting and misreading Fed minutes, into an illiquid market. I liked @timwest's analogy today: 'If you sell into an illiquid market, it's like diving into an empty pool, it's gonna hurt'.
I'm still holding my long positions and banked a couple shorts today, although I'm shorting overvalued names that are reversing, since certain sectors are likely to fare worse than others, rotation is the name of the game. The broad market chugs along, but individual names bring a lot more opportunity if you know where to look.
Best of luck,
Ivan Labrie.
