After an early melt-up, it appears to me the market is flat footed here, about to get kicked down a flight of spiked stairs, lined with mustard. My DECK position is getting poleaxed and WNR has given up most of its early gains.
The fundies for the refiners continue to strengthen, as crack spreads widen even further this morning, off of reported gasoline shortages throughout the country. Don’t forget, we’re entering the wonderful and magical season of hurricanes, where cities get torn to shit by “angry” thunderstorms on steroids and crack-cocaine.
Up in the civilized part of the United States, NYC, we do not “enjoy” such weather. Instead, we get to “enjoy” homeless men spraying urine and feces onto open food buffets.
Bottom line: the market isn’t healthy just yet. We need to meander around a bit and get rid of weak hands. I suspect after a little basing out around these levels, we will be able to launch higher again, just in time for September—identical to last year.
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hmmm …
.
In fear of mentioning “The September Surge” I have chosen to remain silent. But since Mr Fly isn’t loaded to the gills with VXX rub this year. I think I can say it openly.
I’m waiting to hear from all the stockmarket pundits, bus drivers and even my own grandmother tell me that the stock market ALWAYS does poorly in September.
I beg to differ. This market has prostate cancer, and the Fed is worried about the cost of giving it Provenge to keep it alive for another 4 months. Just like $DNDN, this market could end up losing 65%.
In all seriousness, there is a major risk for a roll-over back to the lows,and lower. Cash is the best option right now until we get confirmation either to the upside or downside.
The SP is flirting with upside RESISTANCE at 1200. It can’t go much higher now.
The U.S. and Euro nations economies are in decline. Trillions in soveriegn debt has been added to stimulate growth yet economies cannot stand on their own. The hard lessons I have learned is that the stock market is not the economy and the markets can remain irrational longer than you can remain solvent. How long can central planners keep the house of cards standing? I have no idea but in the mean time Bulls and Bears alike are being ground to pieces.
Disclosure; Short Financials, Long canned goods and ammo!
just in time for…
http://www.youtube.com/watch?v=Y2DqFRsPrns&ob=av3e
Fly Honey. Don’t get excited but Steve The Neighbor just called and left a message. Something about YOUR friends Ragin Cajun and the Woodshedder staying over in NYC and getting into the house with a key from YOUR illegal Mexican gardeners. Apparently they had a Cajun party in our house. Also Steve said the flames are out and not to worry.
Steve will call later as soon as he gets back from the police station.
Now let’s have a talk about your friends shall we?
nag
LMAO!
I suggest a good pair of sun glasses for the beach. That way the wife can not see where the eyes wander.
“Dude, You’re Getting A Dell” downgrade