Saturday, April 14, 2007

I, For One, Welcome Our New Bull Overlords.....

Thanks for coming back this weekend (or Monday......) to see my post. I had to do some thinking, charting, and scanning to reassess the market.

Oh, before I begin, a shameless plug: for those who have been holding off buying Chart Your Way to Profits, check out the reviews of my book. You'll be able to get some third-party opinions from those who have actually read it. The one negative review was from someone who didn't realize the book was largely about ProphetCharts and JavaCharts. So, consider yourself warned.

I really tried to look at the whole market with a very open mind, because the strength of the bulls since July has been frustrating, confusing, and vexxing. I keep coming back to the graph below, which shows the S&P 500 over the long haul. I simply cannot see that we are set up for a bullish surge. I don't want to hear about liquidity, the global economy, or the trillion dollar oil surplus seeking a home. This blog is about charts, and the charts, to me, don't say "buy."


Looking at a short-term S&P chart, we can see that we're getting dangerously close to the high set back in February. It isn't the all-time high (set early in 2000), but it's getting close to that as well. The big question now is, does the market (a) sink from here (b) push up to a double top and then sink (c) blow past the February high and make an assault on the all-time high from the bubble.


To me, an important indicator to watch is the NZD/USD market. The New Zealand kiwi has been extraordinarily strong. The weakness in late February was a good early indicator of the tumble the markets took. But, since then, this currency has basically been going straight up.


Another item I watch is China - one shorthand way to do it is via GCH (Greater China Fund). One interesting tidbit is that it seems to have retraced up to a retracement level. We'll see if it backs away or not.


I wanted to show a few examples of why it's careful not to fall in love with a particular point of view. In particular, why it's important not to anticipate pattern completion.

Technical analysis is a helpful tool - especially in markets that are friendly toward one's general investment disposition. For instance, if the market were, by and large, weak, the short ideas I've suggested over the past months would have been quite successful. But the fact is that we're swimming against the tide, and that makes it very, very hard.

And I'm not saying the market would have to be in some horrendous free fall. But if things were easing down, week to week, and month to month, that's where using T.A. to smoke out good short opportunities is invaluable.

But when you're swimming against the tide, you have to be extra vigilant. Take BP, for instance, shown below. I mentioned this as a potential short. It had a beautiful topping pattern. It broke below its neckline. And it started falling.

But what happened next? It got strength. It went above the same neckline. Thus, the pattern was rendered moot. And then it soared! Being able to escape the "jaws of death" like this is a real sign of strength that must be feared by bears.


Here's a similar situation with FTO. A gorgeous head and shoulders in the making. But the pattern did not complete! You can see what happened next. That's why scoring a little more profit by seeing a completed pattern in your mind's eye is seldom worth it.


For our next example, here's HES. I've often pointed out how, once a trendline is broken, the price obediently stays beneath it, and maybe "kiss the underside" of the trendline. That's all well and good, but it doesn't mean a collapse is at hand. A price can stay beneath its trendline for a very long time and still make tons of money for the bulls.


My general feeling toward the index is simply that I don't know what the hell is going on. A terrible confession, eh? But these markets are bewildering these days. You're going to hear the same story from me - - we're pushing toward either a double top or to new highs. We're awfully close to one or the other.


$NDX is a skosh weaker. It could back off from the horizontal line I've drawn. Or not.


I was blown out of my precious $RUT puts. But that's what stops are for, right? I don't like the look of this index nearly as much as I used to.


Some indices - such as the $XMI, shown below - have wasted no time in going to new lifetime highs. Disturbing. The bulls are in their ninth month of totally owning this market.


Most of the strength these days is in really "old school" stuff. I'm talking about Steel.....Uranium......Copper........and, for God's sake, Railroads! This is no "new economy" play here. It's 19th/20th century stuff. Here's uranium company CCJ, for instance:


Goldman Sachs gave me at least a little relief. Even on a strong up day, it was weak.


Tech giant IBM, on which I also own puts, also was surprisingly weak.


I'm looking at MLM for a new short position.


I've been short MSTR for a couple of weeks, based on the failed breakout you see highlighted here. So far, so good.


MWP is in a tight range. It's going to break one way or the other soon. I have no position at this time on this one.


Someone mentioned last week the stock ONT. I felt strongly bullish on it based on the breakout and volume strength. It has moved up handsomely since then and looks better than ever.


SCHN (Schnitzer Steel - try saying that five times fast) has a hugely bullish pattern too.


SWN, mentioned here bullishly before, looks even better.


If you think oil stocks are going to weaken, XOM is a pretty-good looking short/put candidate.


As you can see from today's posting, it's more of a bullish/bearish mix. My frothing-at-the-mouth bearishness has become really attenuated by the market's action recently. It's disappointing. I shall continue to watch, wait, and hope.

57 comments:

Anonymous said...

Hello Tim,
How about a bullish suggestion based on a reverse application of the way you look at the market. AMGN has dropped so low that it seems like a great Long play w/a tight stop. Your thoughts please???
K in Sac

beanie11111 said...

http://bp0.blogger.com/_DC_WvCGCWQ8/RiEoP5uuvWI/AAAAAAAACHE/FfFDDSvBojY/s1600-h/0414-%24spx.jpg


In a bull market, that resistance could get busted thru!

It doesn't say the market is a buy, but it certainly doesn't say the market is a sell either.

beanie11111 said...

You know the billion dollar funds use astrology!

http://www.thestreet.com/_yahoo/markets/marketfeatures/10350360.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA



That's not fear, Goldman Sachs!!! lol

beanie11111 said...

JASO going to $40. Destiny awaits.

Too cheap compared to its solar peers SPWR, FSLR, and TSL.

Mega bull market comin your way, led by the alternative energy sector!

beanie11111 said...

oh yeah, Jones Soda (JSDA) is hot and i love sugar cane.

$50 is in the bag.

wshhmm said...

hi, Jim,

can you check for me about NDAQ? it seems good now.

Dennis said...

Yes, it is very frustrating to see the markets up almost everyday. The fundamental data are not good with housing weakening and inflation running high (PPI is 1% in March). But the market marches higher anyway. Then it suddenly dawns on me like a bolt out of the blue. Investors don't care about fundamental analysis or technical analysis because there is too much money out there. Just about every day, there is a company being bought or taken private at 10 to 20 percent premium. This is similar to the Greenspan put in the 90s and now there is a private equity put. So it is pointless to be bearish and until and unless the Fed is really serious about inflation and raises interest rate substantially to soak up the excess liquidity, I am just going to turn in my bear membership card.

TBA said...

Hi Tim,

I'm enjoying your book, although I don't use the Prophet.net info.

The simplest and classical approaches that you espouse and use have the most merit. And the financials, like RKH, argue to me that subprime isn't the only trouble spot out there.

Best,

Ron

www.ronsen.blogspot.com

Lauriston said...

Tim

As usual, excellent charts. I am a bear for now, and I think reading around blogs and comments on my own blog I sense the same frustration bears had for about 15 trading days just before the now famous Feb 27 plungero. May not mean much (maybe more frustration to come for another week or so), but if we are patient, we will grab our fruit again. How quickly bears forget that the kind of action we live on can wipe out 30-60 days of bull action in 1 single day!! Bears need patience, bulls live on the fact that on average, the equity markets drift higher... next week will be action packed, at least from a news/earnings point of view. Good luck.

Leisa said...

Shorting oil stocks now? Remember Mr. Bill from SNL OHHHHHHHHHHHH NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

shiftpoint said...

Yes.. bear capitulation. Here it comes.

Anonymous said...

I don't think the market is half as frustrating as you are silly. I said all along, if there is a top, identify it with a name.....silence. Soon it there will be another sell off, but you will have much more trouble picking it out verses buying the dips till they don't work no more. ODDS still favor that.

humble.

Tom2oc said...

Tim, excellent charts again. Thanks for sharing. Still no words though on the large and small cup-handles patterns that are in play and kept me on the bullish buy the dips side for months. Would have been nice to have your take on those. I must be the only TA guy seeing these.

We're most probably going to get that answer to those scenarios a)dive now b) double top and dive or c) shooting in the resistance free zone. Until proven otherwise, based on my cup-handles thesis and the system I use, I keep my 60% bullish bias and look for c) to happen and BKX over 114 would support it. Gut feel is that what might trigger the 40% odds side instead is either the dollar failure of 82, BKX below 111 or AAPL diving on earnings. These are the levels I'll be watching in the coming weeks.

Thanks again and good luck!

Best

Rob said...

Tim,

It must be hard writing every week day on how you see the market. I think it has added emotion to your market stance, but that is the exact thing you want to remove (hence TA). One thing to keep in mind is that we are in a seasonally bullish market, and i think a lot of bears did not get there "fix" from the 06 bear season and now they are jonesing.

side note: I looked at a 20+ year monthly chart of the DJI and the similarities with 1987 are striking.

gary said...

This may or may not be relavent. The market made double tops twice in 05. Both times the fibonacci retracement was to the 61.8% level. The second top in each case was not confirmed by MACD histograms and or Chaikin money flow. The current retracement was again to the 61.8% level and the current rally is not being confirmed by MACD or volume. Just something to keep an eye on as we are still due for the 4 year cycle low sometime this year unless you believe the little 8% decline we had last year qualifies. In the last 110 years the least decline peak to trough was 12% in 94. Last summer hardly fits the bill.

Anonymous said...

The market is doing a remarkably efficient job of reminding everyone that shorting is a dangerous game. Back in the pre-bubble world, very few players were drawn to the short side. Pithy warnings suggeting an infinite upside risk kept most small players steadfastly long or in cash.

The bursting of the dot com bubble changed all that. Skepticism became the mind of the market. I remember watching a MNF game in fall '02 with Al Michaels bragging about his trading prowess from the short side. You can't have a more poignant buy signal! And ever since, the prevailing mentality has been to fade the rallies, disbelieve the analysts, resist the momemtum. The whole market has become contrarian!

Tim's last commentary essentially says "hey guys, if this were a bear market, I'd be doing great." I know how he feels. Nothing works. Too many newbie bears lining up against the trend and scurrying for cover on a daily basis. Too many hedge funds competing for hot money and unwilling to curtail the risks against the 20% of profits. 401k's and IRA contributions finding their way into ETF's of every stripe, exerting upward pressure on virtually every stock in the entire market. Hell, the advance-decline has long since blown past its old highs.

When the average trader readopts the mindset that shorting is too damn dangerous and can no longer resist joining the pull of the bull trend, we'll be at the threshold of a new cycle. Til' then, I agree with Tim. I don't know what the hell is gonna happen! Jeff

the blog peruser said...

Quite well said Jeff. One other thing that I am discovering is 'Old technology 'might be the 'new technology'.The industrial metals, the shipping companies(railroads,etc.),and even agricultue and water are starting to be realized as really important stuff again with a now truely realized finite supply.So the prices are going up & up.Probably never to come down again.Along with interactive technology and societies of viable economic consumers being created almost daily,the price of every consumer oriented company is at the least fairly stable here.The real estate & housing price pullbacks are absolutely factored into the current level of our market.My home value has pulled back 10% in the last year,but it is still worth 3X what I paid for it 12 yrs ago.So bottom line here is pretty much everything in the world as far as R.E. and commodities go, are now worth 2 to 3 times what they were just 10 years ago.That alone gives the DJIA a pretty strong foundation to at least hold the current levels (12700)So that along with Jeff's 'skeptical newbie bears'theory is going to make it tough on those who wait everyday for the long overdue big correction to begin.I also have a feeling nstitutions and funds have gone into the "put writing/or selling" business to the newbie bears on stocks and indexes they can control.Huge easy pocketed premiums on stock they know they can take slowly up. Because they own majority shares and are not selling,but buying more.Especially on these short and sharp little pullbacks.Ought to be illegal ,but it's not.(yet) So we shall see.And yes,I would love to see 1000 pt selloff in the next week or so too !

zeus111 said...

Jeff hit it right on the spot. I want to further elaborate and comment on his quote "When the average trader readopts the mindset that shorting is too damn dangerous and can no longer resist joining the pull of the bull trend, we'll be at the threshold of a new cycle. Til' then, I agree with Tim. I don't know what the hell is gonna happen! Jeff "

I think that when the average trader abandons the shorting mentality, it does not neccesitate a change in cyle at least not right away. When everyone stops fighting the trend, and maybe we are at that point right now with the biggest bear of them all Tim Knight throwing the towel(just teasing Tim don't take it personally), then the trend should accelerate to the upside. A blow off top should not be out of the question and we should all keep that in the back of out mind.
Remembering during 90's the final stage of the bull arrived in 1999 with a blow top happening the first 4 months of 2000. The most spectacular gains happened in the leading stocks of that time internet, semiconductor, and software. The blowoff top was so tremendous there were small semi companies that were doubling and tripling in price in four months after being up 3, 4 times the previous year. We could witness the same type of action in the new leaders of the current bull market. That would be commodity related stocks, energy, steel , gold, silver. These stocks are still cheap trading 10-15 times earnings. If intel, microsoft and cisco were trading 50-60 times earnings at their peak of the previous bull market, I dont see a reason for stocks like nue, hal, x to trade at 30-35 times earnings when they reach their peak.

Anonymous said...

Zeus, by 1999 we really had a stealth bear market going on. Very few stocks were participating to the upside. The precious few running with the momemtum had astronomical or infinite valuations.

The current market has incredibly broad participation. Where things get tricky is this kind of positive breadth historically suggests the current bull phase is a long way from done. Personally I think this breadth surge is just a consequence of the etf-ization of the market and speaks more to hot money looking to pile in and is therefore more suggestive of a late stage move.

I'm inclined to think the end will come in a way very different from the bursted tech bubble. Especially because so many players are trading with a road map from that era. Jeff

Yuri said...

From my perspective, and to echo similar comments I've read here, this market continues it's inexorable climb unless and until one of 2 things happen: The Fed is forced into further credit tightening to control inflation, or we have some sort of external shock (like a rash of suicide bombings here in the States). Much has changed since 1987. For one thing, to quote from an article in Sunday's NY Times, the percentage of total trading volume attributed to institutions has grown from 7% in 1950, to over 70% today. With the sheer amount of hedging going on (and even the Wall Street Journal, on Saturday was recommending a complex bear debit spread, a form of a Condor, to investors as a way to hedge their portfolios in uncertain times), is it no wonder that downside momentum is quickly squashed as all the programmed hedges start kicking in and cushioning what would otherwise be outright losses and subsequent capitulation as Markets start correcting and heading down? It is a new world - and we cannot count on certain past abuses by the Fed that are no longer likely, or even possible. I had a professor in college who had been Under Secretary of State for Economic Affairs (and there may be some readers here who will recognize that position as the chief economic advisor to the President), and the stories he told of Washington luncheons, and of the President ordering the Fed, behind closed doors, to print extra money for the things Congress would not appropriate - these would make your hair curl. But that was in the past, and it is up to us to navigate these 21st century financial markets given today's circumstances, which surely never existed before.

TradeitLikeitIs said...

Excellent posts today - especially that one about people being in a 1999/2000 mindset.

Some of my thoughts are:

(1)The market will become more volatile: %50 sometimes %60 of the trading is now program trading - and is exaggerate any moves. (program trading was to a large degree responsible for the May-Jul 2006 correction and also contributed to the recent downward blips in Late Feb early Mar).

(2) The point about a blowoff in resource stocks - oil energy metals steels - is interesting.
The problem is if old economy stocks go into a real bubble - this will be bad for the economy - and in fact would represent some kind of "real" economic peak (unlike dot.com stocks which were just monopoly money and did not damage the real economy in the long run)

(3) Technically speaking - a lot of my momentum indicators on the weekly charts are 'busted' after the recent Feb/Mar sharp spike down - basically things are fading.
We would need either (a) another drop or (b) some new event to draw big money in to regenerate this momentum.

(4) Everything is going up - you name it - Oil Gasoline Corn Stocks Steel Uranium Penny Stocks Nickel House prices (except for US) - but interest rates are not. This will not happen for much longer - I'm sure the G7 Finance ministers were going tete a tete on that one - and its also interesting that the big Private Equity players were invited to the meeting. What did the G7 ministers communicate to these PE players? To cool it? Or did they want their help? It seems to me a some poing someone somewhere is now taking on too much risk in these big deals but does not realize - I mean $1 billion for M Tussads Wax Museum??
My bet is that the PE players were given a warning to hurry up and get your deals done - and watch what risks you're taking on - because your window of opportunity is shrinking.

(5) The entire boom we have been experiencing is connected to China -yet China has just raised rates 3 times - squeezed credit - and recently stockpiled a ton of metals like copper at lower prices.
At some point - all this is going hit some very big margin players who thought things were a one way bet.

TradeitLikeitIs

Anonymous said...

Listen here guys and gals, the name of the game is TRADING, you can use everything under the sun TA, astrology, instincts some might be better than others in predicting market trends, but that again is based on your conviction of the method you are using.
Whatever you use, TRADE the market, who cares where we go from here, use proper risk management and take your profits/losses, you don't have make bank on every trade.
I've read this blog for quite a while. Tim, you are awesome with your charts, but it seems to me from your past few blogs, you are getting a little too emotional, and if there is one thing you absolutely cannot introduce while trading, is your emotions. Cheer up and keep the great TA coming.

Tim Knight said...

"Tim, you are awesome with your charts, but it seems to me from your past few blogs, you are getting a little too emotional, and if there is one thing you absolutely cannot introduce while trading, is your emotions."

I appreciate that, but I think long term readers would agree that, if anything, I'm way LESS emotional than ever. These days, I'm practically like Mr. Spock.

On the Road said...

Tim, I remember your comments on pulling all those puts near the end of February, early March and then to watch what you sold turned into a pot of gold. We get so neurotic when we see a turn and finally, FINALLY when it begins to happen - we doubt ourselves - It's hard to have conviction when we are worn out waiting for what seems "ready to turn" and then while we're "sleeping" at the wheel - "Wow, did you see that" and we jam on the brakes "auto reaction."

What are we going to do when "it"
finally happens - which should be very soon?

on the road

Anonymous said...

I just talked to Spock and he said it would'nt be LOGICAL to expect a major and profitable decline in the real near future ! Just for the fun of it Tim,take a crack at it . UP or DOWN this week on the INDU and by how many points from last Fridays close to the close on the coming Friday ? (and any mid-week major gyrations your charts, graphs and intuitive abilities are telling you )

TradeitLIkeItIs said...

Well tommorrow's either 'Throw in the Towel Day' or 'Time for another Buy the Dip"

According to my short term trading indicators we are ready for a sharp short-term move possibly within hours of opening on Monday.

There has been a huge flurry of Buyouts being announced over the weekend - everything is for sale - massive deals - if this does not cause a big spike in prices THAT HOLDS on Monday from a short covering rally as they try to run it up through resistance - this means it is heavily being sold into - and I will go short what is weak (but does not have earnings coming out) - otherwise enjoy the ride up - its all going up as everyone hits the buy button on everything.

One way or another I sense there are going to be a lot of people wrongly positioned tomorrow

TradeitLikeitIs

Anonymous said...

i hope you shorts get hit with huge losses trying to go against the great American way of everyone prospering together.

NPF said...

"Most of the strength these days is in really "old school" stuff. I'm talking about Steel.....Uranium......Copper........and, for God's sake, Railroads!"

Is it really a bull market if the philisophy behind buying is to get solid dollar denominated assets before the buying power of those dollars crumbles? Given the push by many large holders of US dollars to diversify, the increase in oil sales in other currencies and the Fed between rock and hard place, are we just discounting true purchasing power of dollars 6 or 9 months from now? If you have any moment to comment on how that looks to you I'd really appreciate it. Amazon delivered your book last week. I learned lots but still this is clear as mud to me. Simon.

Anonymous said...

NICE GAP UP THIS MORNIN FOR THE SHORTYS OUT THERE......

Tim Knight said...

"i hope you shorts get hit with huge losses trying to go against the great American way of everyone prospering together."

Oh, ICK, where are you from, Kansas?

As for everyone prospering together - the inflation-adjusted income for the middle class has decreased over the past 25 years. It's the top 1% (and the top .1%, even more) that had "prospered.")

Get your facts straight, especially if you're going to be tossing pablum.

Anonymous said...

pablum? what is that?

Anonymous said...

My 100% leveraged long account managed a 10k increase so far today(MondaY). Yippee go bulls.

MrBear said...

NOW Short!

Anonymous said...

I just looked up 'PABLUM'.According to the WIKEPEDIA dictionary ,it's a word used to describe a "bland soft cereal for infants". So go figure.

Anonymous said...

This stuff is serious, but reading the comments is as good as going to a comedy club.

Mr Bear said...

Shorted more here...

This is how its done.

Tim Knight said...

Pablum: "Trite, insipid, or simplistic writing, speech, or conceptualization"

beanie11111 said...

Don't get whooped again and again!

The alternative energy sector will become bigger than the internets of the late 90's is my opinion.

You need to be in JASO and TSL now!!!

Here's why:

www.beanie11111.blogspot.com

beanie11111 said...

That's why Cramer says charts in and of themselves are for the most part useless. I agree.

Anonymous said...

Beanie sure isn't spewing out any pablum. Great call on the JASO.

TradeitLikeitIs said...

Tough day for bears - nice earnings by Citi - see they are making tons of money by trading - trading against the bears I guess.

If this holds then every bear and defensive fund will be forced to cover - go long and chase performance.

Still problem is - when S&P goes up - all other assets go up - notice Gold and Oil not content to be left out - is trying for another high again.

Lets hope the trend continues up - but I think the Fed's game of jawboning the markets and talking about slowdown has run its course - I mean with all this talk about slowdown - commodities are running even higher. The takeover chasing is pushing assets even higher.

Onward and upward - until something gives!!!

Short term I'm looking at hedging a bit by shorting some here.

tradeitlikeitis

Mr. Rodgers said...

Can you say: NEW MARKET PARADIGM ?

I knew you could!

Anonymous said...

Hi Tim,

I love your blog! Great charts! I'm new at TA and fundamentals, but I have one question: Wouldn't all the buying activity in 'old school' assets like railroads, gold, copper, etc. be indicative of investors hedging (or at least safeguarding) against a potentially falling market? Could it be a sign of a bear resurgence?

A penny for your thoughts.

Sincerely,
- NoviceTrader

Tim Knight said...

"Can you say: NEW MARKET PARADIGM ?"

It's different this time. As usual.

Market Speculator said...

It is always different.

History doesn't repeat itself...LOL

wattson7 said...

Hey Tim, I am holding up pretty well on the put list. BA,BDK,HLT,LMT,MSTR,AAPL,VMC,CKH. How are you holding up? I remember this is what happened right before Feb 28th and you sold your puts. This is tough sledding.

Scott

TradeitLikeitIs said...

Tim

Its never different.

Always the same - pessimism feeds rising markets - optimism kills bull markets.

Since the market's rising - and everyone is highly pessimistic -it can't help but go up.

So what are people optimistic on - commodities - this will be the short at some point - but NOT when the Fed's keep jawboning about 'slowdown' when there obviously is none.

In order to short commodities I would need to see one of 2 things.
(1) A parabolic spike - last minute rush in over the next month or so to take these stocks to ridiculously overbought levels
(2) A 'real' slowdown - globally - probably from further rising interest rates - confirmed with a technical breakdown in the resource indices.

Otherwise stay long.

TradeitLIkeitIs

Market Speculator said...

Just wait to the SHCOMP (Shanghai) breaks...because it will at some point. All great economies go through some sort of correction. History has proven this true many times.

marxist said...

I am inclined to agree with Dennis.
One has to think bubble. Bubbles are purely a psychological event. Bad news is mostly ignored, everything else becomes rationalization for ignoring the facts.

I am suggesting that whereas T.A. measures investor sentiment, it measures this from a base that does not include unbridled sentiment that is part of a bubble mentality.

So, one has to use charts within this framework.

If one wants to be a bear, (I have no problem with that) then one has to look at segments that are starting to see their bubbles end.

I suggest parts of housing, mortgages and some reits. Possibly certain stocks in the financials sectors (MBT not GS for instance) I would love it if Tim would talk about more charts in those segments.

Do not take my comments as an indication that I am a bull. It is very obvious to anyone who has no bias either way that has the appearance of strength in the economyis due to what is generally being called liquidity. Liquidity will dry up some day. At that time, stand back. It will be a bear market again. So, the issue is not what the market direction will be long term but the when of the switch that is coming.

If you want to put a name to this. Call it a credit bubble.

JakeGint said...

Tradeit: Where's your blog, man??

Thanks for your insights... you seem like you're talking from experience.

best,

Jake
________________

Tim:

"Are you from Kansas?"

Please, attempt to save the Left Coast's reputation by refraining from being blatently stereotypical.

_______________

The secret word is "rovxsda"

Translation: "Rove goes to the DA ensuring market collapse!"

____________

Sigh... the SECOND secret word is "drnyz." translation: Go to Manhattan for the sleeping pills!

Leisa said...

Well, WB came in stronger without being pulled down by Golden West. So my expectation of seeing a deleterious effect on earnings was not met. BUT....that doesn't mean the ARM reset issue does not go away.

Anonymous said...

Then why didn't you call your book the USERS GUIDE TO PROPHETcharts?

TradeitLikeitIs said...

jakegint....

I'm just a trader like the rest of you... more short term oriented though

As I hinted yesterday - we would have a large swing this a.m. - and we got it... IMO today's close and tommorrows opening hour will be important to see what the big boys are going to try to do during options week - if anything.

BTW... I like to peruse the Bearish Blogs during bull markets and the Bullish Blogs/sites during bear moves...

Also the Fed's can't be happy with spot Gold 690 today - the same day the banks are rallying... this market needs something to go down soon - otherwise it is going to begin looking more like a 'parody' of a market - rather than a market - and it shows that the Central Banks are losing control.

good trading

TradeItLikeItIs

Anonymous said...

bend over shorties.....

Anonymous said...

die market!
die market!

Market Speculator said...

NASDAQ Composite and the S&P500 are looking just like Dow circa 1937!

Anonymous said...

Tim,

You can rest assured that the tone of this blog is set by you and your posts. Dont think you did not ask for these types of comments. I recall the exact day that my opinion of you changed from thinking you were a classy guy to just another smart ass. Im not going to bother with details as you can just scroll down through past blog entries and see some punk ass comment youve made.

p.s. Please change that picture - you have a face made for bitch-smacking.

John from Florida