After just over two weeks, the Obama administration is unraveling like a cheap suit.
Obama is winging it. Not good. You can bullshit your way through a political campaign, but not during times like these.
He actually has to lead the f*&%cking nation now. Fancy that.
Welcome to the real world, Mr. President.
In other news, Volcker is being alienated……
Wonderful.
Comments »With the jobs data sending mixed messages and the January ISM report coming in better than expected, the markets are up some today. Not a lot at this point, but at least not going down. But before you start developing a silly grin and break into song, just know that the Senate debates on the so-called “Stimulus Package”, will put the cost above $900 billion…. That’s right. Approaching a trillion. But hey, It’s only money, and we’ve got so much of it to pass around, right?
Just saying………
The PnF bullish/bearish pattern ratio is sitting at 0.93, or basicially evenly split between bulls and bears (1.00= even split), based on a total chart count of 1,901 stocks and ETFs. I’d prefer to see that ratio get to over 1.10, before I’d start to expect a bullish trend to develop in the short term.
As of noon Eastern, I’m showing 63 new stocks and ETFs breaking out. A healthy 43 are breaking to the upside, or 68%. That’s nice.
Some of those breaking to the upside include:
ETFs: GML, HXC (China Index), KXI, LD , RTG and UNG
Banks: CAC, CSFL
Biotech: ABII, CEPH, REGN
Construction: MHO
Computers: RSYS
Financial: LAZ
Food/Beverage: DEO
Healthcare: VAR
Insurance: LFC
Energy: COSWF, MCF
Real estate: JLL
Semis: TXN
Software: ADVS
Telecomm: ERIC, TDS, VOD
Shipping: VLCCF
Enjoy your day.
That is all. Carry on.
Comments »So much for “old school” thinking. I bought these two double-edged swords this morning @ 41.58 and 58.35, respectively. As you know, basic materials and real estate have made themselves irrelevant, for the bulls.
These are only short term trades, of course.
And yes, I’m in denial about my addiction to these things.
Comments »Everyone (bulls and bears) that I talked to today felt drained. This market is sucking the life out of a lot of people.
Today saw 151 new breakouts, but only 17 were bullish breakouts: PFBX, THFF, WHI, IESC, LJPC, MTXX, DMF, TGS, CPCF, SIRO SONO, CYBS, KEYN, GNI, SSFN, VQ and OMEX.
These are not leading stocks. They are bullshit stocks. Where are the leaders?
This market has the feel of one that is set to have another leg down.
Here’s a new “short” list I compiled:
Aerospace/Airlines: COL, LMT, RTN
Auto Parts: CTB
Banks: CPBK, UBB, WAIN
Construction: KBR, LOW, MLM, RMIX, TWP
Computers: SNDK, SYNT
Electronics: ARW, FLIR, VOXX
Machinery/Tools: DOV, EMR, ETN, IR, NPO
Metals: CCJ, PCU, TC
Oil & Gas: BBEP, BTE, CPE, CRK, DVN, OIL
REITs: AVB, ESS, HR, KIM, REG
Retail: JOSB, M, OMX, PLCE, TGT
Semis: FEIC, LRCX
Software: DMAN, JDAS, LFT
Steel: AKS
Telecomm: CIEN, NII
Many of these will be going to zero, as they are on their last legs.
Have fun. That is all.
Comments »Folks, brace yourselves. See, when you have a bunch of rich, powerful people gather in Switzerland for a world economic summit, and they prefer to point fingers and throw Swiss cheese at each other, well, the problem is nowhere near getting solved.
Capitalism is getting the homo hammer. Even the “Black Swan” guy is calling for nationalization of the banks because, in his words, “We should not trust these bankers,” so said Taleb, author of the best selling book. “Look at their track record. The only way to stop the process is for the government to own those banks.”
Vlad “The Impaler” Putin is blaming the U.S. for the whole mess, the Tukish prime minister threw a hissy-fit in the middle of a meeting, and Jamie Dimon, CEO of JP Morgan is the only U.S. banker with some balls, being the Lone Banker to show his face at Davos. He took some heat and gave it right back by calling out the policy makers and regulators. I think all these disputes should be settled in “The Octagon” on Friday Fight Night via Pay-Per-View.
(Read more, if you care to…..)
Truth be known, the “authorities” haven’t got a clue how to solve the global economic crisis, which may eventually become the Great Global Depression. Bailouts won’t do it. Maybe it’s just me, but I get the sense that all of the decisions so far have not been guided by wisdom or sound economic analysis. They have simply been discretionary, seat-of-the-pants responses, politically motivated, by political authorities who face no responsibility whatsoever for their decisions. In China, they execute executives for selling bad baby food. (Gulp!)
Expect some very radial changes down the road. You know what they say about desperate times…….
Comments »Within the past 15 minutes, I’m seeing 66 new breakouts, 52 of which are breakdown sells.
ETFs giving sell signals include: IYM, SAA, and VAW.
Stocks with sell signals include: DNA, BZH, EXP, VMC, MON, CERN, TDC, HOT, WPO, CLB, SPG, and DECK, the makers of ugly furry boots.
Therefore, there’s weakness in the chemicals and basic materials, building, and real estate related sectors today.
Stocks and ETFs with buy signals include: HHH, SCC, SMN, TGI, SPWRA, and AMZN, seller of online books and baubbles.
That is all.
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