Yesterday was a recovery day from the last week price action in the SP500 and yesterday hope was given to the bulls after the price consolidation. Todays price action prove all of that wrong.
We started the day with strong inflow into US Equities and within 60 minutes the market gave up. Sellers took control and moved the market near to Mondays lows.
YTD the SP500 is near 14% and MTD is -3.4%.
R Option have zero exposure to US Equities and it is looking for opportunities to add market exposure. We did not find it yet.
Forward PE ratios are supporting valuations but we can quickly move back to 2800 the market confirms that 2900 is pricey for the SP500 expectations and current volatility.