Från Strategas idag, som påpekar att det inte är någon väsentlig stress i kreditmarknaderna och att man därför fortsatt ska köpa i korrektionerna - just nu t.ex. ca 100-dagars GM i S&P 500 vilket var mycket nära intradagbotten igår kl 17 svensk tid:
In this morning's Technical Analysis Research, Chris Verrone notes that major tops in stocks are, more often than not, accompanied with severe stress in the credit markets – to date, we've yet to see any meaningful evidence of this playing out. 3-Month USD Libor spreads remain benign, as do corporate spreads. Against this backdrop, we are inclined to view the recent correction in stocks as just that… a correction within an ongoing up-trend. The "buy the dips" thesis, in our view, remains intact. In the near-term, we're cueing off the 100-day moving average on the daily S&P chart at 1287 (this served as the floor in mid-March).