Well folks again hearing the oh this is the bottom oh this is it again from the talking heads. Well as I said I expected a rally and expected it to run somewhere in 750 before resting. Well today we hit 750 on the March contract while we rolled over to the June contract which printed lower. My caution is too much too fast, I mean why are we bullish here, did something happen that I didn't know about. It is just a short covering rally to ease the pressure of for the next leg down, remember nothing goes in a straight line. Tomorrow we should have some profit taking as remember next week is option expiration so we could reverse this move easily. I am still neutral here poking minor stuff here and there but I am not ready to commit. Something is telling me the rally will last only a couple of days and we are on day three already so we will see soon enough.
Our shorts are still working and are so deep in the money profits that I am not even adding to them, just letting them play out as it may.
On a different note I posted a video and it was taken down because it spoke the truth about the media and the market (Jon Stewart video), this is the stuff the regular guy has to be afraid of seriously. Maybe they will take down my blog but who cares the point is why if it is not true why be worried, right CNBC, right CRAMER. In my book you are all just a bunch of crooks and not for the regular guy, who I am.
A HI-5 for JON STEWART!!!!
MARKETJEDI
Thursday, March 12, 2009
March
Well I told you March would be significant and it seem to be proving that way. Firstly I have gotten emails about the rally and in my opinion I think it is just a bear market rally, what I do find bullish about it is that it pushes pass areas of resistance without much effort. Now longer term this year I do believe we will trade somewhere close to S&P 1000 BUT I dont think this is the beginning of that run. There is a good shot we test those lows THIS month and then I will be ready to go on the long side with more confidence.
Wednesday, March 11, 2009
Thursday
Tomorrow there is some debates on the market to market accounting and because of this I will take the day off. Reason being it can move the market either way and if you are on the wrong side you can get killed.
I would love to see some upside but I am cautious here as I am sitting on my hands till we get a true directional trend
I would love to see some upside but I am cautious here as I am sitting on my hands till we get a true directional trend
Jim Cramer is a Criminal watch video
In light of the current economic crisis, and with the hullabaloo ignited recently by Jon Stewart over the accuracy of CNBC's reporting, we thought it might be useful to revisit this shocking 2006 interview Jim Cramer gave to TheStreet.com's Aaron Task.
In it, the host of Mad Money says he regularly manipulated the market when he ran his hedge fund. He calls it "a fun game, and it's a lucrative game." He suggests all hedge fund managers do the same. "No one else in the world would ever admit that, but I could care. I am not going to say it on TV," he quips in the video.
He also calls Wall Street Journal reporters "bozos" and says behaving illegally is okay because the SEC doesn't understand it anyway.
Here are some gems:
-On manipulating the market: "A lot of times when I was short at my hedge fund, and I was positioned short, meaning I needed it down, I would create a level of activity before hand that could drive the futures,"
-On falsely creating the impression a stock is down (what he calls "fomenting"): "You can't foment. That's a violation... But you do it anyway because the SEC doesn't understand it." He adds, "When you have six days and your company may be in doubt because you are down, I think it is really important to foment."
-On the truth: "What's important when you are in that hedge fund mode is to not be doing anything that is remotely truthful, because the truth is so against your view - it is important to create a new truth to develop a fiction," Cramer advises. "You can't take any chances."
Special thanks to our tipster Henry Chukuka! Keep those tips coming team!
For more on Jim Cramer and shorting stocks, click this.
In it, the host of Mad Money says he regularly manipulated the market when he ran his hedge fund. He calls it "a fun game, and it's a lucrative game." He suggests all hedge fund managers do the same. "No one else in the world would ever admit that, but I could care. I am not going to say it on TV," he quips in the video.
He also calls Wall Street Journal reporters "bozos" and says behaving illegally is okay because the SEC doesn't understand it anyway.
Here are some gems:
-On manipulating the market: "A lot of times when I was short at my hedge fund, and I was positioned short, meaning I needed it down, I would create a level of activity before hand that could drive the futures,"
-On falsely creating the impression a stock is down (what he calls "fomenting"): "You can't foment. That's a violation... But you do it anyway because the SEC doesn't understand it." He adds, "When you have six days and your company may be in doubt because you are down, I think it is really important to foment."
-On the truth: "What's important when you are in that hedge fund mode is to not be doing anything that is remotely truthful, because the truth is so against your view - it is important to create a new truth to develop a fiction," Cramer advises. "You can't take any chances."
Special thanks to our tipster Henry Chukuka! Keep those tips coming team!
For more on Jim Cramer and shorting stocks, click this.
Scenario
I am reading a bunch of people as usual calling for the bottom here. Based on my wave count which I am nowhere a expert we should expect any rally to be stopped in the 734-748 area. It is possible we could touch these levels today or tomorrow and that would be it for the rally. Obviously a sell off to 672 would negate the upside and down we head again, the crucial point for the bulls is obvious! Can they muster up a follow through day>?
Tuesday, March 10, 2009
Rally today
Rally today was powerful BUT some red flags were seen. Firstly it was technically just fast money working the upside and not real funds who need to put money to work and secondly it seem it was fueled more on the talks of instituting the uptick rule and possibly stopping shorting on the financials again.
Now what is funny is as I type this, Cramer is on TV calling for a bottom, hmmm wasn't he saying last week we heading to 5400, geez this guy is ALWAYS wrong just do the opposite of what he says.
The market has been up 3 days in the last 4 weeks and anyone who thinks this is the beginning of a new bull market you will get shot down again. For the few of you who email me on a regular basis I called for a bottom between March 4-9 I guess I was right on that one but i do see a lower low setting in later in mid to end of March, so we should check back with Cramer next week sometime when we might be lower, WHAT A LOSER!!!!
Let me show you something folks, today movement was all finance stock based because Citibank claimed they were highly profitable in the first two months of this year. I want to see that quarterly report because there is no way they can show a profit without some padding of the cash somewhere. Maybe all those businesses they sold they are saying that is profit when it is not from operations.
Who cares I believe the next time we test the lows we get the rally we all expect. This little upside should be capped at 740-750 level the most if it can get there.
MARKETJEDI
Now what is funny is as I type this, Cramer is on TV calling for a bottom, hmmm wasn't he saying last week we heading to 5400, geez this guy is ALWAYS wrong just do the opposite of what he says.
The market has been up 3 days in the last 4 weeks and anyone who thinks this is the beginning of a new bull market you will get shot down again. For the few of you who email me on a regular basis I called for a bottom between March 4-9 I guess I was right on that one but i do see a lower low setting in later in mid to end of March, so we should check back with Cramer next week sometime when we might be lower, WHAT A LOSER!!!!
Let me show you something folks, today movement was all finance stock based because Citibank claimed they were highly profitable in the first two months of this year. I want to see that quarterly report because there is no way they can show a profit without some padding of the cash somewhere. Maybe all those businesses they sold they are saying that is profit when it is not from operations.
Who cares I believe the next time we test the lows we get the rally we all expect. This little upside should be capped at 740-750 level the most if it can get there.
MARKETJEDI
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