Daily Recap (Short Version)

Thanks to SGR, GGP, ELN, JEC and PBR, I was up over 4% today on my stocks. That’s not factoring in that APOL is up after hours. I guess DevilDog shot himself in the balls again with that short APOL position (surprise, surprise).

In anticipation of tomorrow’s employment numbers from the house of pain, I spent the last hour of the day, examining and tightening up my stops. Frankly, I’m too busy tabulating my wins, while finishing off a bag of chips and root beer, to make any more comments, so I’ll leave it at that.

Carry on.

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This market is like Rocky, who refuses to go down for the count, even though his cranium is getting pummeled with bad news, MMA-style. It makes no sense, but neither do “Italian Stallions” 

I see where Federated is making a big push to roll out David Tice’s new “Federated Prudent Bear Fund”. Soon every other clownfish broker  will be putting his retail clients into bear funds. Take your cue from that development.

Regarding breakouts/breakdowns, as of noon ET, there were 45 stocks “breaking”. Of those, 18 were bullish breakouts and 27 were bearish breakdowns, so give the bears the slight edge.

New Breakout:

New breakdown:

That is all. Carry on.

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I win.

(9:35 ET)

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After spending hours pouring over charts this evening, I find it hard to believe what my eyes have seen. Despite the downdraft in the indices today, there are over 6 times more bullish PnF chart patterns than bearish PnF chart patterns—a divergence from what the indices told us. 

This data is taken from over 4,100 stocks. The most prevalent and persistent pattern is the double top breakout. Over 2,300 stocks are exhibiting that pattern. In contrast, only 450 stocks exhibited a double bottom breakdown pattern. 

As far as new bullish/bearish pattern breaks intraday, there were 44 new bullish breakouts and 63 new bearish breakdowns. Hardly an “end of the rally” alarm.

Take away: this market is still showing broad-based bullish strength.  

Bulls not shaken by today, just stirred.

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Just because.

Yeah, I was in a cantankerous and contrary mood today. Maybe it was all the raw meat I consumed for dinner last night. Or, maybe it’s because I’m seeing something you’re not (or imagining it).  Can’t really say, but here’s a summary of what I bought on today’s pullback:

ARM @ 3.53

APOL @76.29

GGP @ 1.73

HTX @ 4.37

HUN @ 3.67

JEC @ 50.05

PBR @ 25.90

SU @ 22.74

POT @ 82.98

BBL @ 39.29

Bad timing? ….Sue me.

(Disclaimer: Not a solicitation to buy these stocks. If you buy without doing your homework, the old shell casings you threw in your oven will explode, thus causing you to shoot yourself without a gun. Odd, no?) 

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The market is one positive day away from launching to new heights.

We shall see Dow 10,000 again, before everything descends into the bottomless pit.

Stocks like POT and MOS are back, working their stinkin’ magic.

Oil will go up, then down, then up and down again, eventually moving higher.

I will make money on my low priced small cap stocks.

The employment report and the numbers won’t be so bad. Ten percent unemployment has been priced into this market already. We won’t get there this year, thanks to El Obama. 

Positive things, come to me, by the dozen.

Unless a comet hits the earth and the market is down, tomorrow I shall be buying energy, metals/mining, and ag stocks, among other things. More on this later……Good night.

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