mirkotoscano's  Instablog

Send Message
CFA member. In this blog I put my thoughts. Work in an Italian bank in a strategist position (forex and commodities), but my true passion is the stock market.
My blog:
Mirko Toscano - market view and trading signals
  • Correction Time 0 comments
    Oct 13, 2012 5:45 AM

    I've not been writing since few weeks because I was quite busy in the weekends. This one will be a short post as well.

    Market is in a correction mode, after many distributions days happened in last few weeks. Nasdaq was the index with most selling pressure, entered in a correction move after dropped below 2750.

    (click to enlarge)Nasdaq 100

    The thing I don' t like at the moment is that, when I search for leader growth stocks, I see some distribution patterns.

    It sounds like a deeper correction could arrive in the next 1-2weeks. I think it will be temporary because of "Bernanke put" on the market, ie the governor will announce new measures if markets drop heavily.

    So far this is what I see on several markets:

    -US indexes seems due to a short term correction

    -European indexes could do the same because of Spain bailout delay and Greece news.

    -Investors are continuing to buy European peripherical government bonds (Spain, Italy), corporate and emerging market bonds

    - Precious metals could consolidate/correct in the short term (buy on dip); oil could drop if US Administration releases strategic reserves to help Obama before of elections (buy a put on USO).

    -Treasuries could be interesting in the short term

    It seems like a short phase of "Risk off" is coming, but probably will be quite shallow because of huge liquidity in the market and very high level of cash held by funds.

    Like a fisher, I am patiently waiting the right moment trying to pick up a fish.

    I'm studying some stocks names, but don't like patterns associated at the moment.

    My target is to buy in the short term future gold/silver, European Etf dividend stocks and pick 2-3 stocks.

    At the moment I'm long corporate and emerging market bonds, i sold all precious and equity.

Back To mirkotoscano's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


  • Fed's minute could set a floor on recent US corp/treasury bond drop
    Feb 18, 2015
  • #SPX On $spx monitoring if 1972 level will hold. Below it,fasten your seat belt!
    Jan 30, 2015
  • January allocation (gov bonds 15-30years) is paying well :)
    Jan 13, 2015
More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.