Wednesday, August 12, 2009

JP Morgan dumping office buildings

Yahoo! Finance is reporting that JP Morgan is trying to sell 23 office buildings. 23!!! Now!?!? At the "bottom" of the market? Either they really, really need the money, or they expect asset prices to plunge.

This makes me nervous about being long.

So do these other facts: the RSI for the S&P 500 is at 2007 peak levels. Volume has dried up. Short interest is the lowest since February. The Vix is around 25, and below the 50-day moving average.

Let's see what I can dump into this 3-digit rally today ahead of the Fed. Well, GLD is the only thing I could take profits on after holding for a while, but I might as well keep it as the chart isn't telling me anything. Just staying put for now.

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