Today’s melt up is classic. All of you fuckers who were looking for DEFCON 2, professing how this market is supposed to work, are being abducted and probed by space aliens today. Your greatest fears have come true, as we bowl on you with cannon balls.
This is potato peeler to the face trading action. This is the Ghost of Christmas future taking you to your grave.
I suspect we have significant near term upside. The PPT flagged OVERSOLD yesterday, which is why I sold TZA. It wasn’t luck.
There is a specific ebb and flow to this market, all foreign to the one tracked bird brains who clog up my fucking Twitter stream with absolute drivel. I’d like to drive a fucking rail spike through your skeleton.
Into the bell, I like my chances applying pain to the short sellers of RBCN, REDF, LULU and GMXR.
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The bears getting an overdose of hopium today…
It couldn’t happen to a nicer bunch of a-holes.
Is it time for the bear hunt video yet? I know we’re not in golden cow territory, but I’d really like to go on a bear hunt.
still holding crude (short) to see what’s up…..otherwise watchin’er rip higher
That nice young Mr. DeMark says that we go up until the 21st and then a bull trap will be set – it is that trap with the serrated blades and is spring powered upon being tripped.
Even better, bears have been crucified in the ALTR!
Last night the EU leaders went to bed around 5/6am, without the final agreement being written up. This is not a treaty change, wish they would stop using that term. Anyway, few of the countries have to get parlimental approvement to go along with all of this. And, the agreement is garbage..rumors of China 300 Billion is not to the IMF, its just a Sov Fund that China created to diversify away from Sov Debt buying. Swede Leader last night who was at the meeting said they “HOPE” that countries would contribute to the IMF for the 200 Billion, and they are really “Hoping” for other countries, cough, cough China to contribute to that. Enjoy the Bear market rally..should fade into the close. Bottomline, Global PMI’s suck the big one and there is no money for the clams. Is eur/usd back over 1.3400…nope.
Oh, and most of this was sparked by the ECB in buying bonds again..which they started to do last night.
TN,
nice review…
but you know what I say: I bought a truck load of positions yesterday at the low.. unwind high beta today..
I leave economics to economists and talking heads…
I am here to make $$
Mr. P, I have been very obsessed with trying to understand the bigger picture and the larger trend. This is more important then $$ to me…money always comes and goes. I will sit with my shorts as a long term play and watch and learn. Of course, Congrats on the trades..
Thanks..
but if you just looking to understand all the trends, geo-politics, economics, etc.. why not wait until you do and than bet $$ why risk now?
Mr. P, Very good point, right now I hedge off of gold so I haven’t really gone either way. In hindsight, when I started to learn about stocks in 2007, I wish I would have just paper traded, 2007/2008 was a hit when I remained bullish looking at the market thru a bottomsup fundie analysis. I have a tracking amount in the market and have not added to any position since FAZ in Nov 2010..I am about flat for the year. The money I lost I chalk it up as tutition money,I learned a lot during that time period. Notice how bonds and F/X really didn’t buy this rally…I was surprised that it didn’t fade.
Only December 8 and already this Kirstie Alley market has monster holiday FUPA!!
Stick a fork in the $VIX. The $VIX is dead, long live the $RUT. Death cross coming soon to the $VIX. $VIX will wallow around in the high teens / low twenties for a pretty long while like it was from October 2010 until July 2011 making it safe to be long of stocks.
The October lows are “the” lows for the downtrend. We are in a new uptrend. The only question I have as it pertains to the new uptrend is if we make it to $RUT 1350ish which is the price target of the ascending triangle on the monthly $RUT chart.
Death Cross – really? Its a meaningless 50/50 indicator. Have you looked at the on the $SPX has been under for months?
There is no “new uptrend” established yet by any tech indicator. I am no bear but I can read a chart with analysis not hope.
So far today is just an inside day.
The market is designed to gut both Bulls and Bears.
It’s the agnostic that survive and thrive.
Very true
The hardest thing, IMO, is to admit when you are wrong. Not talking about admitting to other jackasses, admit to yourself so you stop digging a hole.
Yes indeed.
melt up one day.. melt down the next.. one day you’re the potato peeler, the next the potato.
The bears were Ed 209’d today:
http://www.youtube.com/watch?v=mrXfh4hENKs&feature=related
Director’s cut, not for the faint of heart
http://www.youtube.com/watch?v=NMihmYf4WJI