Let’s go over the internals, shall we?
As of right now (1:29pm), just 61% of stocks are higher, with noticeable weakness in materials, particularly anything related to global growth. Copper, chemicals, steel, aluminum, ag, auto parts, casinos are all lower. Tech is holding on by a thread. There is not widespread strength today, despite what the cocksuckers at CNBC say.
On the plus side we have retail, banks, REITS and drugs. I am warming to the drug sector, thanks to its defensive nature and historical outperformance during the month of September. WPI, ESRX, ABC and MCK look great.
Within tech, I am warming to NTAP and PLCM, both traditional “value plays”–just like MRVL. As a matter of fact, all three companies have about 30% of their respective market caps in cash. There are strong underpinnings in all three, fully supported and buttressed by cold hard cash.
I don’t expect the market to reverse lower today. However, it should be noted, today’s rally is not exactly awe inspiring. Therefore, from my vantage point, NOTHING has changed and I will remain EXCEEDINGLY cautious ahead of Jackson Hole (extra homo).
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Don’t FUCK with the Bearded Clam!
The GOP talking Gold Standard now … Hahaha!
Four more years, four more years … guaranteed with Ryan, Akin & Gold Std.
Bill Maher calls them the Mental Patient Party, LOL. People who are conservative and sane have no party right now. Insane voters are a fair sized group, but not big enough to win an election.
It sucks. I don’t want a corrupt socialist in office, but these far right lunatics are terrible as well. Still can’t vote for Obama, though, due to him then being able to appoint 2 or 3 more liberals to the Supreme Court in his second term. If he shifts the balance of the Supreme Court, we’re all fucked.
Hedge Obama appointees by being “all in” in the market. $ heals all wounds … Ask Romney.
We could retest 1400 level but overall the waves look good to hang ten …
YOY EPS growth for S&P 500 was +2.8% for Q2/12′
Talking about divergences and trendlines:
http://stocktwits.com/message/9236981
It’s traderstewie’s opinion ….
Who’s Market?
Mr Market … he’s bi (top or bottom) so you win in any event … provided you are MM4M …
What about Jackson’s Hole? Anyone been there?
No though I once went to a Glory Hole butt nobody came … ???
What about Jackson’s Hole? Anyone been there?
Yep, but i wasn’t as important at that time. 😀
What do you think of BKS down heah?
no
is there enough gold to go to a gold standard. lol……………………
not even close
Well, we all know that old saying “The market can levitate upward on no breadth and no volume longer than you can stay solvent.”
Watchlist:
CAS, GTIV, MYRG, MX, EMAN, UEC, UDRL, DSX, GNK, BOOM, AXU, FRO, HUN, GERN, CLSN, NEWP, JIVE & AMRN
forgot one …. HK
Yeah!!!! Iran Nuke talks sucked with nothing. BUT Strat Oil May get released!!! IEA changes its tune http://www.cnbc.com/id/48772527
http://www.cnbc.com/id/48768746 marc faber.
True, Fly… this “rally” has all the earmarks of a self-abuse rally…. and those always leave me with little but a mess to clean up…
It’s August. Everything you see now is bullshit until after Labor Day.