I don’t need to show you a chart because you already know the S&P 500 had made new all-time highs, while the prior divergences remain intact, namely the transports and small caps. However, V-shaped rallies off of pullback soften happen in uptrends and are tougher to trade for me than when we have negative sentiment and firm charts, like earlier this year. Nonetheless, it is what it is.
At times like these, the temptation for traders is to drift from their style and chase anything and everything. Maybe it works, often times it ends badly. Stay selective, continues to be my theme until I see charts firm up some more. The close should be telling, as bears desperately need a fade at this point to avoid an “accumulation day.”
Also consider this story about a diner I have frequented many times in New Jersey, as I am sure many of you have as well. Don’t get too greedy!
via nj.com
CLIFTON — State Police foiled a murder-for-hire plot involving the manager of the famed Tick Tock Diner in Clifton, authorities announced today.
Georgios Spyropoulos, 45, the manager was trying to place a hit on his 57-year-old uncle Alexandro’s Sgourdos, who manages the Manhattan Tick Tock Diner and is co-owner of both establishments, authorities said.
“He was motivated by greed,” Attorney General Jeffrey Chiesa said today at a press conference. “Spyropoulos allegedly planned in great detail how he would have his uncle tortured, robbed and murdered and he enlisted two men who he thought would carry out his ruthless plot.”
Spyropoulos first met with a man he believed would aid in the hit in February inside the Tick Tock Diner, according to State Police Detective Pete Laying.
He allegedly asked that man, who turned out to be a State Police informant, to help him find someone who would kill his uncle after torturing him to obtain the combination to the safe his uncle kept inside his Clifton home, Laying said.
Spyropoulos believed the safe contained a large amount of cash, according to Chiesa and that his uncle was taking home an unfair share of the restaurants’ profits.
Spyropoulos was introduced to the purported hitman during a meeting in late March at an unnamed restaurant on Route 3 in Clifton, authorities said.
He agreed to pay this hitman, who was actually a State Trooper, $20,000 to kill, rob and torture his uncle. The hitman was given two other instructions, Chiesa said: make the body disappear so police would investigate the case as a missing person’s case instead of a murder.
And if his uncle’s wife saw anything, the hitman should kill her as well.
