Says he hopefully. Anyway, the 5 RSI trade finally closed yesterday with a small loss. Unusually, the 5 RSI is down for the year. This indicates the real weakness in the NASDAQ 100 stocks. I added substantially to my index short positions yesterday. Today was a modest move in the right direction. Interestingly, the banks I am short (FNM, CFC, COF) are finally showing signs of weakness. Hopefully this means folks are figuring out that the housing bubble is going to do some severe damage to the lenders as it deflates.

Tomorrow morning is the GDP release for Q2. Although widely watched, this is strictly rear-view mirror at this point.