Ok folks here is the deal. We are going to have to deal with higher oil prices and there is nothing we can do about it anytime soon. Ethanol is CRAP, solar is CRAP, only true way to get out of this is nuclear, wind and water energy.
The market here is not doomed yet. I dont believe this is the leg down to the March lows. I think there is a good chance we bounce tomorrow into friday. If we do open down and work our way lower tomorrow I would be looking for a reversal in the afternoon. Wall street wont slam us into a holiday that wouldn't be patriotic of Wall Street.
I think June/ July going to be tough. I would not be surprised if we go higher after a bounce here and that would be the last bounce we see in awhile. When we bounce we will get the nice set ups one last time on GS, FNM, C, SKF and the others. Watch for tech to go much lower after this bounce. My money will be on AAPL and RIMM to go much much lower after this bounce. AAPL can see $135/140 over the summer easily. I want to stay light here as I believe there will be a shake out soon that will rock the financial markets and lead us much lower.
I personally dont know of anyone who thinks they are in a better position today than three years ago and that has me nervous about the markets. Yes we have never had a down year in the markets in an election year but this might be the first. Don't worry!!! if we decide not to crash and burn before the election and ramp up higher we can always go that way but right now I would prefer to be light and cautious.
FNM will get to $30 on this next bounce and I will short that down for the ride this time hard. Citibank I dont think it will bounce too hard as it seem to already be dead but we will see
soon enough.
Remember ONLY WINNERS HERE!!!
Hmmm told you my target on Oil was $138 let's see if we get there before FRIDAY!!!!!!!!!!!!
Wednesday, May 21, 2008
FED minutes
Fed minutes signal no more interest rate cuts as inflation is on the rise. I wrote about this last week and it doesn't take a genius to see this in our daily lives.
TWM is sweet here very sweet. Let's see how we do towards the close.
BLOG ON FIRE!!!!!!
TWM is sweet here very sweet. Let's see how we do towards the close.
BLOG ON FIRE!!!!!!
TWM nice so far
The last FED meeting minutes will be out at 2pm . should see extreme volatility on news. I would be flat here
OIL $130
Well it didn't take long for Oil to hit that $130 number. How important is this???? Well I am sure not driving alot these days.
I expect us to hit that $138 number based on my fibonacci projections I did some weeks ago when we moved over $120. I will do another one later to see how far we can stretch on this projection.
In the meantime Financials looks lower especially GS, MER, FNM and JPM.
The only group I would play higher is the AGROS: POT, MON and AGU.
Also seem like the buying in the homebuilders is finally over and people are giving up that a bottom is in these stocks.
One sector to watch also is the semis: AMAT and BRCM looks weak
I expect us to hit that $138 number based on my fibonacci projections I did some weeks ago when we moved over $120. I will do another one later to see how far we can stretch on this projection.
In the meantime Financials looks lower especially GS, MER, FNM and JPM.
The only group I would play higher is the AGROS: POT, MON and AGU.
Also seem like the buying in the homebuilders is finally over and people are giving up that a bottom is in these stocks.
One sector to watch also is the semis: AMAT and BRCM looks weak
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