There was once such a thing as profit taking, a concept of selling while the getting was good, markets being overbought, plummeting option prices being a warning sign - in this "market" nothing applies - we only rally, we buy all news (good, bad, or indifferent), anything of worry is cast aside, its just crazy.
Tonight we hear from Intel which posted "blowout numbers" (CNBC's term) , never matter that the market rallied almost all day into the number we are rallying afterwards as well...If you dont believe that there are non freemarket hands guiding this market you are crazy. In a country with 9.7% unemployment, and even greater underemployment all we have is a permabid rigged stock market...its absurd.
The secondary offerings and IPOs continue at a record clip - we have been participating in lots of em and passing on quite a few as well, luckily we passed on Metals USA a Goldman led IPO of a KKR company - it priced at $21 and close its first day of trading at $19.3 - ouch. When the KKRs and Blackstones are selling you better watch out.
Anyways - tonight the SPUZ are rallying as they will all night and all day forever until kingdom come.
JB
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment