Who would dare buy Euro-zone oil?

THOR WOULD BE PROUD

When examining the broad breadth of stocks, it is apparent that many are hammering out the lower portion of their new trading ranges. It will take time for the overall market to confidently find support where it should find buyers, but I have little doubt that the world will not end with this correction. This will not be the “big one” as many newly bearish folks are claiming. Nor do I believe we are on our way to new highs or another “V” shaped bottom. Though anything is possible in a normally functioning market, imagine that “anything plus” is possible in this market.

Folks, now that our friends in the Orient are back on board (for now), it is “game on”. This is the real deal. When we come back from our long holiday weekend, prices will be higher.

Semi’s and energy–especially semi capital equipment and energy services–will give you the most bang for your buck.

It sure looks like we’ve hammered out the bottom of our trading range.

Gosh. I would have loved a dull and boring market that sucks the life out of all volatility , but that is not meant to be. The VIX will be below 28 by tomorrow and that is a very key level seperating fear from some sense of normalcy.

There will be some more “slap-chop” action, but the buyers are real and the volume is good. Enjoy!

The market needs you out. The back of complacency must be broken. The DOW 10k area must be toyed with, over and over again. The breakout from Dec/Jan must be tested and some marginally broken. Roubini must be a hero, again.

It’s gonna be a long, hot summer. What a great time to actually accumulate good ideas. I live for the kind of market that you all despise. Trade your way into oblivion. Don’t let the door hit you on the way out.

BTW–yields are going lower, eventually because we are Japan. The only thing that will keep 10m people in their homes after the next round of depreciation will be the giant refi at 3%…

http://tinyurl.com/2czxjj2

Have a look at the daily chart for the DOW. Notice support at 9900 but it will need to be marginally broken before any bounce.

But like the SPX at 950, the DOW’s 50% retracement and its primary breakout is near 9000.