“Finally made it home, but I don’t got the key to get in.”

This is not quite home, but perhaps this may be a leg up to the next level of payed tab blogger. I’m not sure myself yet, so we’ll see how the next month goes as far as traffic is concerned.

I’m hoping mrkcbill has not gotten carried away here and forgotten to turn over the key to the KINGDOM!

I do understand your longing to be with nymphs and to dine from the finest silver the Fly has out fitted the castle with. No more rib eye din din, crystal, and 75 year old Hennessy for you…you go now! I had to storm the castle and evict mrkcbill; sorry to startle you out of your nymph dreams.

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“Is there Gold in dem hills son?”

Just as a side bar I found about a lb. of Chanterelles yesterday. I’m one to appreciate mushroom picking through out the spring and summer. Fortunately I was taught by a certified master chef of what edibles can be found in my neck of the woods.

WARNING: Do not attempt to pick mushrooms if you never have before. Worse than loosing coin you could die.

I might say the same about stocks but most sentiments I look at are suggesting a short term bounce. My gut tells me we will have a series of false rallies followed by one last kill down to 1216-1227 area. Of course we need to break the 1246 -1260 area first.

This requires a catalyst…What it may be…well I could see a potential JPM style bail out in LEH. Being that LEH is a part of the Federal Reserve inner circle perhaps we see a merger of equals or another slick BSC on a silver platter to sure up its capital base.

Perhaps we have our first regional get taken back to the wood shed. Or perhaps a foreign bank goes down like a UBS or RBS.

Maybe this recent downside action was nothing more than portfolios being arranged for the new quarter…you know based on earnings outlook and the whole “how do I avoid inflation in the market blues.”

I tried to get a chart up, but had some problems with the media center. Someone must be on a cigarette break or something. We still have minor support at 1272 S&P, stronger support @ 1246-1260, and major support @ 1216 – 1224. If we see a break of the 1216 area I guess RBS was correct and we see the 1050 -1100 area. Again with out a true alarming catalyst I do not see that happening at the moment.

For today’ action I do not expect much since everyone will be waiting for tomorrow’s unemployment report. Statistically speaking the unemployment rate has not been that of what we normally find during recession. This still spells some hope for the bulls, but let’s face it here we have had some of the worst performance in the history of the stock market.

This morning ADP report was larger than expected and continues to show gradual weakness going forward.

As far as stocks are concerned I would remain neutral for now. I have been buying SNHY recently with prints in the high $31’s -$33.50.  I’m still waiting for EME to come in a bit. That fucker will not give me prints in the $25 range which leads me to believe that there is good strength in this company.

Yesterday I added a small piece to my UNH and GLW positions, but considering the markets I bought lightly.

To top everything off keep your eye on oil this morning, it would appear as if the speculators have been loading shorts up via USO and other products. I still feel that the upside in oil is tired here and a small correction is needed before we resume the longer trend upwards. I would not be surprised to see oil tick down to $125 -$130 p/b. This might open a buy opportunity in USO. I would look to buy initially @ $107 with a tight stop. Since I feel this way if you picked up HK, PVA, or CHK for the recent shale plays I mentioned, this would be a good time to take some coin off the table as they have had a nice move.

I’m not a day trader, but today I’m picking [[ENER]] and [[TSL]] as day trades.

GLT

by GW

~10:30 am update: Okay I’m not a day trader. Doubt you bought into ENER & TSL but a stop here would be appropriate.

[youtube:http://www.youtube.com/watch?v=re2Fl8d22lI 450 300]

 

 

 

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