Congrats to the bulls! I guess the weakness Thursday and Friday was just option expiration tomfoolery and skulduggery? Maybe, the bulls didn't want to hear any of it as they raked the faces of the bulls from 9:30 until 4PM.
I put two charts on the blog today and they did pretty damn well, I hope you took them because I really didn't, although I did catch some love from MTB later in the day, IYR also bailed me out of some early morning miscues.
Today was a day, like all over sold rallies, bottoms, whatever you want to label it, where you bring your darts to your trading platform, even the fake spongy, magnetic tip darts work well on a day like today. Anything popped, anything.
Was it because of Timmy Geithner? Sure it was, he actually said something that was constructive for the first time in about 75 days. Is it the answer? Who knows, it's a blueprint, time will tell. As my friend Howard Lindzon said today on Twitter, "the shorts got hurt today, and for now, throw out the fundies." He couldn't be more on point and we will never figure out the agenda of the beast that is the market. The sellers are taking their bat and ball and and are running, not walking from the ball field.
I could go macro until the cows come home right now, but to no end, as the market will eat and puke my words and theories, the rally seems on. I think we can see 880-900 in here but who knows, follow through will be important tomorrow and at the very least a light volume sideways day.
I will shoot for some charts later. Hope you killed it today.
Monday, March 23, 2009
Thanks Timmy, I'll Let You Have 900, Maybe
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
1 comments:
Joe:
Yada-yada-yada and all that but didn't you find it just a bit strange that we staggered over the psychologically important 500 line at the absolute death? Like we were pushed over it by massive manipulation? And by that I don't mean the obvious and out there manipulation that the PTB pull with the quiet acquiesce of CBS and the rest of the MSM, but an altogether darker force in the markets themselves?
The rally is on. No question. But at what price? Trillions and trillions are bailing out blue bloods probably to the tune of billions and billions and you and I both know who it is that's ponying up the trillions and won't be benefiting from the billions. The 'wealthy creating jobs' meme is as evil a lie as has ever cancered the earth - I put it right up there with that shit about the meek and their special destiny.
I'll be up late tonight making my plan for tomorrow and up early in the morning to join the party.
You know what they say about not beating them.
Jonny
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