Is it end of month already? Why the heck would that matter? I've heard that argument about wanting to look like your in the winners or something as if people don't look at cost basis when reading a statement. What would I know I prefer to toss my big account numbers and symbols into the closet without looking. It's a reflexive thing born from looking too much in the 1980's.... Well I did take a peek recently and despite my best efforts to ruin the account we are up nicely for the year when most folks are down... so timelines and conspiracies are best left to analyzing the Plunge Protection Team and whatever it is they do.
Boy today shapes up as WILD & SCARY who's with me on that?
Hate when the Fed chief is on the hill. Hate. Hate. hate.
The SPX is on the move, finally: the SPX closed above 1378. That targets higher resistance at 1400, with a strong propensity to overshoot the mark meaning 1420 kiddies. Only in New York kiddies, only in New York. SPX 1376 is approximate key support on a near-term basis. Lets shoot up to 1400,then scoot back to the 1380 area and then zoom to 1420. Ok?
The first lift was natural based off I believe the realization of the market that the recession has been pushed off a year with all the stimulus and by the time it comes THEN the housing crisis will have bottomed so natural economic cycles can run their course... so the last reveal is for Big ben to tell us that in fact he will be raising rates in the future not lowering them to reel in inflation which should naturally subside next year... how the market takes that is anyone's guess... people will tell you that the first direction is not always the real direction blah blah blah, in this case the first direction will probably be right. It is so unusal to rally off Fed speak and questioning that if it were to happen we would have to take serious notice. part of the philosophy of " Double Dip " that I have been putting out there is first you go UP before dipping again... everyone is so morose it's like bear markets never have rallies, they do lots of them. It won't be until the talking heads are saying maybe it was only a correction not a bear market that we will slide back into the muck.
All of this is a long winded way of saying maybe there is some truth to the fact that after 4 weeks of a no go market traders were perhaps too eager for this bounce-- but then again were short covering to enter the picture after, say, todays testimony, well then we get up to some interesting levels indeed.
~si
Boy today shapes up as WILD & SCARY who's with me on that?
Hate when the Fed chief is on the hill. Hate. Hate. hate.
The SPX is on the move, finally: the SPX closed above 1378. That targets higher resistance at 1400, with a strong propensity to overshoot the mark meaning 1420 kiddies. Only in New York kiddies, only in New York. SPX 1376 is approximate key support on a near-term basis. Lets shoot up to 1400,then scoot back to the 1380 area and then zoom to 1420. Ok?
The first lift was natural based off I believe the realization of the market that the recession has been pushed off a year with all the stimulus and by the time it comes THEN the housing crisis will have bottomed so natural economic cycles can run their course... so the last reveal is for Big ben to tell us that in fact he will be raising rates in the future not lowering them to reel in inflation which should naturally subside next year... how the market takes that is anyone's guess... people will tell you that the first direction is not always the real direction blah blah blah, in this case the first direction will probably be right. It is so unusal to rally off Fed speak and questioning that if it were to happen we would have to take serious notice. part of the philosophy of " Double Dip " that I have been putting out there is first you go UP before dipping again... everyone is so morose it's like bear markets never have rallies, they do lots of them. It won't be until the talking heads are saying maybe it was only a correction not a bear market that we will slide back into the muck.
All of this is a long winded way of saying maybe there is some truth to the fact that after 4 weeks of a no go market traders were perhaps too eager for this bounce-- but then again were short covering to enter the picture after, say, todays testimony, well then we get up to some interesting levels indeed.
~si