This is exactly the type of market that I hate. I don’t like misdirection and I certainly do not like failed Armageddons. Nevertheless, the recent 6 month OS reading in The PPT proved sagely. I should have taken my computer brain’s advice.
It is of no use to lament over spilt milk.
As the market stretches above 13,000, just know we are at the upper limits of the recent trading range. Although I am not a big proponent of technical analysis, I do respect market forces that are guided by it. Should we move higher from here, there is a strong likelihood that all hell will break loose to the upside. The number one driver of stocks is the prospect that the Fed will enact QE3.
I cannot see Ben emptying his clips with the Dow above 13,000. It makes no sense.
In the meantime, I am building a watchlist and will put some more money to work next week, in the event we break out. Until then, I am going to assume the recent trading range is intact and stocks are heading lower, over the next 5 trading days.
23 Responses to PARTY HAT TIME! DOWN 13,000: WOOH-HOO!
God forgives, Bernanke don’t.
The election year cycle is getting cranked up, the summer is winding down, folks loaded with cash in CD’s bonds and MM’s want to put it to work. They just need an excuse. A blow off top usually sucks them in. We’ll see.
Check this out Fly
I, however, have never denied HOBOma’s Death Panels, especially once their unionized, will deal out premium, generic hallucinogens to their useless eater patients.
Hell, the Physician / Pharmacist trade profession distinction may become go obsolete.
Walk into the ER with a sever arterial valve. “Here’s some gauze. Can I please get your Death Panel Cawd (sic) with your working arm?”
Ugly ass nurses too. The kind you see in dental offices.
Great link V.King, one more case in point of Deal Panel patient.
We need death panels.
For Obstructionist GOP Congressmen who don’t understand that America should BORROW $500 billion at 1% for five years, designating those bonds American Infrastructure Bonds to be allocated to states at $1600 per capita for infrastructure projects beginning immediately.
This would only cost $5 billion over the five years, and the economic boost would be 5% of GDP growth, taking unemployment to below 4% and taking six million people off welfare and unemployment.
The payback would be FIFTY to one. There is never a better time for such a Domestic Infrastructure program.
Nice work on the pull down at the top.
Not for social stocks.
Wow, just wow.
5 longs and 7 shorts getting lit up! #timestamped
Headed up to the attic this weekend to dust off the Dow 14,000 hat.
The PMs want higher now, too.
They suck. The people running the gold majors are incompetent. Look how pathetic their earnings and production is in their reports. Total losers- NEM,ABX,GG,PAAS, etc.
Look at royalty companies then. Not as tied to cost overruns, etc. Look at RGLD, FNV, SLW, SSL.V, VGQ.TO.
Rats jumping off TLT ship.
My $100 roll picks would be FFIV (no position, sold it at $102 last week and wishing I bot it back on the drop to $89) and CMI, long high 85s.
Join the VMW 100 – 110 roll…
Reversal of the reversal. They must have found out Merkel was faking her orgasm with the EU President Draghi.
Fuck me running backwards through a minnesota cornfield. I decided it would be a great idea to go 100% cash two days ago.
V.King’s latest trade is over on his Blog Post
Shouldn’t the title read *DOW* 1300
…or maybe, “DOWN 1300, coming up”