Market broke up from the penalty box yesterday. Interesting how these things happen right before three day BBQ weekend...to get folks to talk positive while munching burgers and dogs?
To me it's suspect though because intermediate term is still down while the very short term is up. Market is above the 20MA but below the 50 and 90MA's which are in the 1315 area.
May trade today...brief trades w/ no holds if something presents. Probably won't Friday.
Hmmm...how's about $1 in tax hikes per every $2 in spending cuts??? Seems like a win-win to me.
But to do this through tax hikes alone is COMPLETE INSANITY!!!
That just gives more money to the politicians so they can pay off their cronies and fund stupid pet projects just like they always have in the past...AND that is what has gotten us here in this jam.
The cycle must be broken!
Market was still in the penalty box as of yesterday. Over night it appears to have broken out to the upside but is short term extended. Interesting how this all happens just before Greece votes on its new bailout AND during the 4th of July weekend lead up since Da Boyz will be heading to the Hamptons probably starting mid-day today. Thursday and Friday will probably be dicey.
Is this the fake-out breakout? Time will tell.
9:30AM Update: Appears Greece has passed their austerity bill. "Greece will save the world!" I politely say bullshirt....and the market's overnight rally is already being given back. They, or another country, will blow up and take the European Union with it. Probably by summer of 2012.
Above, Biggest Keynesian Stimulus + Slowest Recovery = Time to Rethink Keynesian Theory.
Once it comes out of the penalty box I will look at it again. But, for now, I'm not playing in that minefield. You go first...LOL.
Of course the first move out could be a fake out followed by a quick reversal to trend in the opposite direction, as they sometimes do. Always on toes, it's never dull.
Mr. Market's crazy roller coaster ride. Flip flopping back and forth lately...bull bear battle.
Range bound...
Past eight days or so have had big gaps that quickly fill. Yesterday was more of the same including that ridiculous, late day "Greece saves the world" routine again. That's really getting old....tired of hearing this as "news" for well over a year now. It's not news it's olds....but Da Boyz use the news!
Overnight appears to have flipped back to the long side (this is getting old)...Intermediate still favors shorts.
No trades due to the tight sideways range...waiting for it to break away from this range.
Markets are due for a bounce from oversold. How big? No one knows. I may start day trading some on the long side if setups present. Note, trades...it's trying to stabilize but we are still below all MAs (20, 50, 90).
Noon update...Wow! Some short squeeze there. I won't trade anymore today and probably not tomorrow due to Greece vote tonight and FOMC tomorrow. Those two events could be highly disruptive.
Bullish sentiment among retail investors has dropped quite a bit. Can be very erratic.
Market is still heading down toward the MAR 1250 lows? Internals are getting overdone to the downside so bounces can come in days to weeks. Will see how far this goes
Above, how many hours you would have to work for a barrel of oil...which allows you to compare you're work effort for a car tank of gasoline over time, relatively speaking.
I just wanted to remind folks that we wouldn't be pressing up against the US Federal Debt Ceiling if it hadn't been for the $800 billion TARP Bank Bailout and the $800 billion Obama Stimulus...totaling $1.6 trillion.
But, hey....at least the Bankers and Political Cronies are happy!
I can totally explain today's stock market action....it's the official start of Hurricane Season (1 JUN - 30 NOV). It's gotta be that simple. No?
Check the charts in the sidebar.
Well...past several weeks have been very, very choppy with short ups quickly followed by short downs and repeat. On the very short time frames (ie, trading timeframe), it has switched from long to short repeatedly. There has been no consistency.
I'm sticking to my thoughts put forward in 15 MAY post...all of them. Environment may be changing from what it has been.
I still believe that nothing that caused the 2008 collapse has been changed / fixed...merely hidden through government manipulation. Heck, besides President Bush and Treasury Secretary Hank Paulson, none of the players leading up to this mess have even changed.
Anyway, market has once again closed below the 90DMA so that tells me caution is the word for longs and, after proper set-ups (ie, brief rallies), possible shorts may become the mode.
Good read from Zero Hedge or why Greece should default now...bankers aren't necessarily bad but greedy bankers are definitely bad. Greedy bankers are the ones that try to turn their customers (individuals or even entire nations) into debt slaves for their own profit.
Below, monthly seasonality for JUN.
More food for thought...Mutual Fund cash levels (ie, buying fuel) are at significantly low levels. Check the history below.
Just an item of interest for future reference...200 years of history of US Bond yields below...
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The Weekly Call for April 6th
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Welcome to this week’s edition of The Weekly Call, your trusted source for
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