Thursday, April 16, 2009
Short term
Short term here we are getting numerous signals of the rally getting long in the tooth. If you are long oh yes you need to be nervous here. We hit that 865 level that I wrote about months ago as a important level on the upside (actually wrote 863/874), so be very very very careful.
GOOGLE OPPS
Maybe I should have said lower in two hours. GOOG is down $25 since I posted the last blog post!!!
Geez
who told you that they would blow out earnings. Man oh Man I tell you this smart money is going to be dumping some high priced stuff on some fools. Well folks we in a corrective pattern here and not much else to say. I still believe we will stay in the pattern till around June/July time frame and that means on any significant pullback I would be a buyer till that time period.
One thing to to careful of is that in earnings stock usually run into reports then sell off, look at GS. Google is up $30 at a little over $400 but in two weeks I can bet it will be lower, these are just patterns that play out over and over again.
One other very important trend to remember, we also reverse the movement of options expiration week, the following week. So since we are positive this week I expect us to be negative next week.
I am feeling a lot better but still under the weather and will be back in gear soon.
who told you that they would blow out earnings. Man oh Man I tell you this smart money is going to be dumping some high priced stuff on some fools. Well folks we in a corrective pattern here and not much else to say. I still believe we will stay in the pattern till around June/July time frame and that means on any significant pullback I would be a buyer till that time period.
One thing to to careful of is that in earnings stock usually run into reports then sell off, look at GS. Google is up $30 at a little over $400 but in two weeks I can bet it will be lower, these are just patterns that play out over and over again.
One other very important trend to remember, we also reverse the movement of options expiration week, the following week. So since we are positive this week I expect us to be negative next week.
I am feeling a lot better but still under the weather and will be back in gear soon.
Higher
Higher into GOOGLE earnings. Man oh Man the manipulation on options expiration is unreal. Remember guys I wont be around tomorrow - I DONT TRADE OPTIONS EXPIRATION.
Overnight
The craziness of the last 3 weeks continued overnight as we moved in a 15 point range in the S&P futures. This is unheard of but seem to be regular these past 3 weeks. One reason could be the light volume of the US participants in the globex so the Europeans traders have more weights on the markets overnight.
GOOG
Remember GOOGLILICUOUS reports after market and that can move the nasdaq. Dont be fooled remember GOOG co-founder is in Obama's administration and I am very sure they got some business passed their way on that. I am looking for a strong quarter and outlook but you never know but if I wa a betting guy that would be my bet. Where the stock goes is another question!!!!
JPM Reports
JPM reports this morning and looks like their net profit is down 10%. The stock is down pre market but come on the street already knew this two weeks ago when Dimon said the quarter would be rough.
JPM don't seem as strong in my opinion here. Think about it they changed the accounting rules and that didn't benefit them.
Telling you this here and now I believe BAC will be the top bank in the future. We will see soon enough.
MARKETJEDI
JPM don't seem as strong in my opinion here. Think about it they changed the accounting rules and that didn't benefit them.
Telling you this here and now I believe BAC will be the top bank in the future. We will see soon enough.
MARKETJEDI
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