Blaming the debt issues in Europe as headwinds to the US recovery, President Obama continues to suggest a "summer of recovery". Frankly, this President and Congress don't understand the concerns among consumers and taxpayers. It's about jobs! The more money that is spent and funneled through, from and for the Government, the less money is available for the private sector and more importantly Small Business to create jobs.
Sentiment and technical indicators are beginning to validate the uncertain economic data that has been underlying the expected recovery. Benchmark support levels are being broken and major moving averages are beginning to validate a return to the Bear Market, not just a correction.Eyes and ears suggest taking a protective and bearish stance. Employment numbers on Friday will be the deciding issue to either turn things around or take things lower. Stay in tune with option volume and activity.
Disclosure: No positions