Not to be disparaging, but I’ve felt I’ve spent the week with a squadron of flying goats.   There you are flitting from tree to tree looking for the best green shoots, ears up and horns out,  “baaaaahhhing” it up to beat the band.   

Chips stocks!  Cancer stocks!  Lenny Dykstra Car Wash franchise stocks!  Get ’em while they’re hot from the chute!

But why must you make your lives so difficult?  There’s no reason to search for rare buds in the top branches of the acacia tree when there’s plenty of bull grass right here on the ground.   Come down from there and take a look at the freshly scythed alfalfa I have gathered for you, my yellow-eyed friends. 

Remember our weekly $HUI chart from last week?

Well, look what’s happened this week…. Pop!

Can anything be more promising than that little green bud out of the consolidation zone?    And yes, we’re a little overbought here, and should be coming into some more resistance around 400 or so, but we should welcome that opportunity.  

After all my boy, it is a bull market — and maybe the only one you’ll see for years to come.  So relax some, take a load off, and get your nets ready.   It’s almost harvest time again.

This week’s Jackson Core Holdings Portfolio results were very pleasing, especially as measured against the indexes.   So have some nice goat cheese this weekend, and maybe try to pause a second whilst hoisting that relaxing beverage to remember those who have served, and especially those who have fallen in order that you could enjoy this great country.    Be well.

Name	5/8/2009	5/15/2009	∆	5/22/2009	∆
ANDE	$    21.50	$      21.31	-0.88%	$    23.34	9.53%
GDX	37.46	37.65	0.51%	42.05	11.69%
GLD	89.98	91.55	1.74%	94.45	3.17%
IAG	9.92	9.83	-0.91%	10.86	10.48%
MON	86.42	89.95	4.08%	86.61	-3.71%
NRP	23.39	21.29	-8.98%	22.21	4.32%
PAAS	19.35	18.66	-3.57%	21.42	14.79%
RGLD	39.90	39.97	0.18%	44.26	10.73%
SLV	13.79	13.77	-0.15%	14.50	5.30%
SLW	8.91	8.58	-3.70%	9.34	8.86%
SSRI	20.06	19.06	-4.99%	21.73	14.01%
TBT	52.24	49.13	-5.95%	53.57	9.04%
TC	7.98	7.65	-4.14%	8.64	12.94%
TSO	16.72	16.60	-0.72%	16.23	-2.23%
		AVG	-1.96%		7.78%
Name	5/8/2009	5/15/2009	∆	5/22/2009	∆
SPY	$    92.98	$      88.71	-4.59%	$    89.02	0.35%
QQQQ	34.23	33.37	-2.51%	33.54	0.51%
DIA	85.47	82.78	-3.15%	82.87	0.11%
NDX	1,394.16	1,355.11	-2.80%	1,363.17	0.59%
RUT	511.82	475.84	-7.03%	477.62	0.37%
		AVG	-4.02%		0.39%

_____________________________________________________________________

Comments »

Before you all get all loose wheeled and boot-rollicky because Timmah Geithner decided to extend the last few remaining TARP nickels  to carnival midway operators, portable potty lessors and, oh yeah — bullshit life insurance companies, let’s keep in mind it’s the Transports ($TRAN) that run this market.

And the Trannies look a little ailing …or to be less dramatic — fatigued:

Note how we’ve broken through the 20-day EMA that’s been support since the March lows?    After such a massive (9 week run) a pullback here to the 50-day EMA would not be unusual and in fact is a healthy circumstance… if  it’s just a pullback to the 50 day EMA.   Anything further and we could be talking a wholly different Devil Dawgian scenario.   

But   for now let’s let the Zone of Indecision be our guide since it so fits with our EMA’s and support levels.   Below that level, there be dragons I fear.    

The weekly $TRAN chart gives me pause too.  Check out this bearish engulfing somnabatch:

And right off the 34-week EMA too!  I expect we should flirt with that support level at least, and if we break through it, it could get far nastier.   I have already hedged my largest transport position — UPS, but in the event of a break of that support at around 2900, I will be getting short in everything save the Core Porfolio in a much larger manner.

Now let’s look at the $SPY weekly chart one more time for synthesis:

As expected we did pause in that 940-950 area, and are in fact retracing to what looks to be the 13-week EMA, which has been support for almost six weeks now.  Whether we head back to our second target zone (in the 1010 area) will depend on the bounce, or lack thereof, left in the 13 week EMA here.  

 Personally, I think we head back up one more time after a pause, but that’s almost as instinctual a call as it is a chart reading one.    In any case, we can continue to use the reliably signalling Trannies, as well as the above $SPY weekly, to provide us a rough guideline for the weeks ahead.  

Happy Preakness, and Victoria’s Day to our Northern neighbors.   I should be back tomorrow with a weekly update on the Core.   Best to you all.

________________________

Comments »