Tuesday, March 17, 2009
Volume
Volume today was the lowest volume in the last seven trading days. As we know price must backed by volume and this thus puts me on neutral here. Advancing issues was below last week tuesday and thursday huge days, so that also puts me on caution that the steam on this run is coming to an end. Just be careful out there it is easy to get crushed on these days where the movement is very choppy before we take a direction.
Bulls in Force
Very impressive move here by the bulls as I have said many time when we do get a rally it will happen very quickly. Now I am short here and maybe too early in fact I honestly though yesterday might be a near term top but the news today push us over even yesterday's highs. News rules! as you know especially in this market. We have got to respect the tape here and the bulls will no doubt have to rest if they want to continue this bullish stand for more than a couple of days/ weeks.
We are almost 20% higher off the low of last monday and that's an amazing run indeed. I would think a pullback around 50% of the move would be good to reset some more bulls as many people are on the sidelines. Now I am not turning bullish but you have to play the cycle and I should last month more than once that March would be very exciting more than likely having a near term bottom and so it seems so far, BINGO!!!!
Don't chase the long side here buying these banks and some of these techs are foolish here for more than a trade, the best set up would be to look for some exhaustion and short then on a decent retracement go long.
After today's strong action I do expect some follow through tomorrow and a possible climax especially with the FED announcement, also remember this week is option expiration and the week after we usually reverse option expiration week move so don't get caught flat footed.
MARKETJEDI
We are almost 20% higher off the low of last monday and that's an amazing run indeed. I would think a pullback around 50% of the move would be good to reset some more bulls as many people are on the sidelines. Now I am not turning bullish but you have to play the cycle and I should last month more than once that March would be very exciting more than likely having a near term bottom and so it seems so far, BINGO!!!!
Don't chase the long side here buying these banks and some of these techs are foolish here for more than a trade, the best set up would be to look for some exhaustion and short then on a decent retracement go long.
After today's strong action I do expect some follow through tomorrow and a possible climax especially with the FED announcement, also remember this week is option expiration and the week after we usually reverse option expiration week move so don't get caught flat footed.
MARKETJEDI
Best analyst on the Street
http://dailybail.com/home/bank-bailout-videos-cnbc-the-banking-oracle-speaks-complete.html
Fast Money=Lose your money FASTER
Geez HELP me it is 4:am and I am watching Fast money what a bunch of morons, how the helL these show are on tv I have no idea. Fast money should be called LOSE YOUR MONEY FASTER. They bawling about rally and I am like are you serious, New lows are coming 1000%, I think we get one more bounce then BYE BYE market again. Save me from laughing right now before I wake up my wife this show is classic :) Yippee I am going to buy MS tomorrow and BAC :) NOT!!!!!!!!!!!!!!!
What I want to know is where is my TV show. I have a great name it will be called "The Broke Pocket strike BACK!" Man oh man folks I have to tell you guys the biggest joke. I had some guy who said that my blog is gay because I wrote I did gardening and my posts are boring. What he failed to understand my posts are 1000% accurate and my plays are 100% winners and on the note of me doing gardening I find it very relaxing to alleviate the stress from the work I do and I find it fulfilling to see nature at work. Now this guys who is so exciting! Blow out his account in a month and is saying the market is an asshole. I was on the floor, the market is an asshole! The market is smarter than all of us that's why you dont guess and you respect it. Maybe if he did some gardening and respected nature he would be more in tune to the movement of the markets and not let greed be his motive. I hope he reads this and I am sure he will but all I have to say is you are not even a pawn in this chess game called the market.
MARKETJEDI
What I want to know is where is my TV show. I have a great name it will be called "The Broke Pocket strike BACK!" Man oh man folks I have to tell you guys the biggest joke. I had some guy who said that my blog is gay because I wrote I did gardening and my posts are boring. What he failed to understand my posts are 1000% accurate and my plays are 100% winners and on the note of me doing gardening I find it very relaxing to alleviate the stress from the work I do and I find it fulfilling to see nature at work. Now this guys who is so exciting! Blow out his account in a month and is saying the market is an asshole. I was on the floor, the market is an asshole! The market is smarter than all of us that's why you dont guess and you respect it. Maybe if he did some gardening and respected nature he would be more in tune to the movement of the markets and not let greed be his motive. I hope he reads this and I am sure he will but all I have to say is you are not even a pawn in this chess game called the market.
MARKETJEDI
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