Fifty four percent breadth today, following yesterday’s 65% nonsense. So over the past two days, the NASDAQ has risen 180 points, the Dow +400, and only 60% of stocks went up? Talk about a narrow-minded rally.
This market is rewarding high free-cash flow, mega cap stocks, discarding everything else to the trash heap. It’s difficult for me to explain. But in layman’s terms, there is zero chance of this rally to continue for much longer. A house built upon sand is bound to collapse.
My top three positions are doing okay: BIDU, GILD and TWTR. I’d like to see my ancillary plays start to work too. When my smaller positions work out, it gives me room to stretch my legs and to explore the market, take on more risk. Right now I feel boxed in by the narrowness of the rally. Also, I feel like a fucking grand piano is about to fall on my head.
If you enjoy the content at iBankCoin, please follow us on Twitter
where is CAP?
never forget oct 23 2008
links at the bottom. flashback to when fly called his readers cocksuckers and they really were
http://ibankcoin.com/flyblog/2011/07/21/flashback-to-when-times-were-good/
CAP, the original dick sucker.
Thanks for the reminder. I will post next.
After my garbage oil trade, the action of the past two days have made SPY and QQQ puts cheap enough to start considering again. Need to stretch just a little higher first.
113.75 QQQ and I’ll be short
208.50 SPY and I’ll be short