Tomorrow is the last day of the month but I must caution those who want to short this so quickly. The first 3 days of April are usually positive and I would not be surprise to see us gap down and then turn around tomorrow. The market is in NO MAN'S LAND still and that's why I am not going to make any big bets till this consolidation tips its hand.
A little patience will help here. Don't worry the market will tip its hand very very soon as earnings is in two weeks.
On a side note this week is the decision on mark to market accounting and I am of the view the financials if they get a bump after the decision they will sell off HARD.
Also George Soros, noted today that the upcoming G-20 meeting is the single most important event for the world markets. He proclaimed that if the G-20 leaders are not all on the same board we will end the crisis in depression mode. I hope for all our sakes they will act for the benefit of the world and not their countries self interest.
MARKETJEDI
Monday, March 30, 2009
Banks
Well friday's news of JP Morgan pessimistic outlook for the next quarter seem to have just set in today. As noted last week we were flying on windows dressing phenomenon and today was testament to that as most managers would have to already bought stocks to show it on their books tomorrow, the last day of the month.
March was been a stressful month indeed and I am telling you this April into May should be very much the same. I hear alot of people coming out and saying because we had two down days the rally is over and we going to new lows but I am thinking new lows wont happen on the push down and it is a mere correction of the upward move we had in the past three weeks. Now am I mr. bull now, NO, but nothing goes in a straight like and I believe that this bear market should last till mid 2011 so we have alot of time to correct higher and then make new lows.
Anyone check out GS today. Man that sucker died like some bad news was around but nope it just shows you any stock that can retrace that amount after being up so much was not a investment but merely a trading stock. I hope some are learning what I am trying to bring forth here and not get caught up with the Jim Cramer of the world who is always on the wrong side of the market. Last week he was calling for the moon now we are down 400 points, man that's some record. I am down on one trade and I get emails asking me about it :) Life is so funny.
This is a race but not a sprint, it should be a marathon. Slow and steady and remember you not always going to be correct on your trades but the marathon method is more winners than losers and you will be ok at the end of the race.
Good Trading
MARKETJEDI-
P.S. I think commercial real estate is going to be in the dump for a long time. I thing that one is just beginning to roll over.
March was been a stressful month indeed and I am telling you this April into May should be very much the same. I hear alot of people coming out and saying because we had two down days the rally is over and we going to new lows but I am thinking new lows wont happen on the push down and it is a mere correction of the upward move we had in the past three weeks. Now am I mr. bull now, NO, but nothing goes in a straight like and I believe that this bear market should last till mid 2011 so we have alot of time to correct higher and then make new lows.
Anyone check out GS today. Man that sucker died like some bad news was around but nope it just shows you any stock that can retrace that amount after being up so much was not a investment but merely a trading stock. I hope some are learning what I am trying to bring forth here and not get caught up with the Jim Cramer of the world who is always on the wrong side of the market. Last week he was calling for the moon now we are down 400 points, man that's some record. I am down on one trade and I get emails asking me about it :) Life is so funny.
This is a race but not a sprint, it should be a marathon. Slow and steady and remember you not always going to be correct on your trades but the marathon method is more winners than losers and you will be ok at the end of the race.
Good Trading
MARKETJEDI-
P.S. I think commercial real estate is going to be in the dump for a long time. I thing that one is just beginning to roll over.
ERROR
Folks just noticed the AZO play which as noted was a straight short for me but said could try the puts. The puts listed on the open plays is the wrong ticker. Ticker should be AZO PI. Sorry about that, what was listed was the call.
I guess we all make mistakes.
MARKETJEDI
I guess we all make mistakes.
MARKETJEDI
Monday
Market might start off on early weakness on the GM news of possible bankruptcy and news from the Banks that things might not be turning around as fast as everyone things. Folks I dont think we crash and burn here no way, the bulls will defend their stand so dont get caught off guard here. It would be very bullish is we open lower here and the bull can take it positive.
Good trading
Good trading
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