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Sep. 01, 2011 5:32 PM ET
Alex Filonov profile picture
Alex Filonov's Blog
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Optimistic view of today's market: necessary correction after 4 day rally.
Pessimistic view: new month, new direction, down. September is traditionally the worst month for stocks.

Which view to choose? Don't know. I think direction will be clear by next Wednesday. I also think that big down leg from here is not justified by fundamentals, and big leg up is not justified by anything. S&P is probably going to trade between 1100 and 1300 for the rest of the year.
Of course, I can be wrong.

I added to my position in Annaly(NLY) today. Just cash management. Money should work and I don't see investments which excite me. Besides, I decided to exit Powershares Financial Preferred (PGF) ETF and replace it with high yield REITs and munis.

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