The first days of July felt a lot like July of 2002 when stocks were getting crushed and Bill Gross was predicting Dow 5000. I also got the same phone call from my younger brother telling me that he had sold out of all of his stocks. I think the price action over the past [...]

If you are like me and sold the close yesterday afternoon, it looks like you might be about to get barbecued on the back of decent earnings guidance out of MMM and CAT. UPS also said nice things. Sentiment is running very negative so it doesn’t take much to provoke a rip to the upside. [...]