We opened up a few bucks sold off a few bucks and are now dead even. Animal spirits are off the charts - little stocks are exploding higher, casinos continue to ramp, AAPL is back to its winning ways, the market is not even fazed by the government saying they want out of Citi.
Oh well...the party continues. What has dropped out of the discussion is the fact that the market has rallied almost 6% from the thursday afternoon before labor day - with no clear catalyst. People are to busy filling up their cups to think about whats happening. Feels like 1999. Just buying stiff cuz its going higher. MPGpA is moving a bit higher today so thats a positive but my shorts are way bigger than my longs. My risk remains contained and controllable no crazy bets, just looking for what I feel could be a selloff of enormous size.
JB
Subscribe to:
Post Comments (Atom)
JB,
ReplyDeleteDoes your technical analysis or information suggest that 1050 is a resistance level of some sort?
It looks like it.
fp
1050 is a clear bogey, this market will probably blow right thru it and then use it as support.
ReplyDelete