Bonzo,
What did the bull think of today’s market? Looked like a bounce off of resistance to me. Are you still convinced that the economy is not in the ****ter? All I am saying is that it looks like a real good time to start pickng up some shorts. 11,500, here we come…
The economy is doomed. It’s dead. It’s done… More rate cuts coming, all the way down to 2% and possibly even 1%. Have you ever seen those shows where they shock a dead person with the paddles and you see the body bounce up off of the table and then the line go flat again? Put that image in your head and leave it there. That’s what happened during the last rate cut and that’s what will happen with the next emergency rate cut… But eventually the flat line will happen… beeeeeeeeeeeeeeeeeeeeeep… Who is going to the funeral?
I agree we are range bound, and yes, think we just bounced off resistance. interesting chartology.
I actually bought some more new long positions yesterday and added to some previous positions.
Fear makes things move quicker than greed. Volume will confirm this move.
The smart thing to say here is that one of us will be right! You watch, now we’ll move sideways for the next 6 years and you and I will exhaust ourselves with the back and forth!!!
Pretty good possibility that Asia will sell off Sunday night (our time) and we’ll open sharply lower on Monday morning. This could wash out the weaker investors and allow for some bottoming and a new support level to build on.
Have you heard the “wedge” talk lately? Very interesting. I use Williams %R http://en.wikipedia.org/wiki/Williams_%R and Bollinger Bands http://en.wikipedia.org/wiki/Bollinger_bands in my technical analysis and a lot of traders are saying we are setting up for a big move either up or down. The markets have been consolidating to the point that they now have to explode one way or the other. If the trend has been up then the wedge theory says there will be a sharp move down, and vice versa. I feel like the trend has been down since at least the New Year and this wedge will explode up. You better get on the bus now or I’ll sick calm like a bomb on you!
PALMETTO C ~ 16’ Sea Fox
The Morris Island Lighthouse web page
www.savethelight.org
hey skinneej, come on to our annual fundraiser Thursday May 8 at the Harbour Club downtown and let’s discuss the finer points of technical vs. fundamental analysis over some frosty brews and silent auction items! www.savethelight.org Donate a buck (or 75) and save a lighthouse…they are so cute and cuddly!
PALMETTO C ~ 16’ Sea Fox
The Morris Island Lighthouse web page
www.savethelight.org
Dammit Bonzo…the market ain’t open yet…I boldly predict you will catch me on Monday…I’m gonna rest it for a while.
Good luck with it…
I sense another good buying-on-the-pullback opportunity coming on Monday AM.I did some shopping in January on that big pull back and think I can get all my long positions shored up this time.I am betting the market will piss around in the 11’s and 12’s the rest of this year and have a run up next spring when I will take profits and only pay cap gains.I HATE taking ordinary income.Skinnee,How about joining us on the Fishin’ Mission this spring and we can talk this stuff all day.I’ve almost got enough guts to do some trading.
“That one-armed man said he caught one this long!”-Papa Sid,1975
calm, you might have a great buying opportunity Monday AM first thing. You have no positions and I have 2; one that was beaten silly last week and I am just along for the bounce (FMT), and the other could swing wildly with all the muni bond bailout talk going around (MBI).
should Asia behave and we open up then yes, you are in trouble my friend!
PALMETTO C ~ 16’ Sea Fox
The Morris Island Lighthouse web page
www.savethelight.org
#1 - calm like a bomb = $1,255,761.42
#24 - Bonzo72 = $727,444.45
just ribbing Bonzo a little bit…he’ll bounce back and get me soon enough.
Bonzo is manic right now. All or nothing…
we need to plan a beer and chicken wing night sometime soon somewhere…I’ll be broke so y’all will have to buy.
I’ll do another update maybe tonight. had a super busy weekend and last few days…
PALMETTO C ~ 16’ Sea Fox
The Morris Island Lighthouse web page
www.savethelight.org
DOW is teetering barely above a cliff they call “12,000” with two wheels already hanging over, spinning furiously and pointed slightly downward… I just tightened up my seat belt, made sure that the airbag light was on and I am starting to get butterflies in my stomach. I’ll see you guys at the bottom with the dust clears… I hope my insurance will cover this…
uh oh…think the third wheel just slipped over the edge! think I’ll start drinking!
PALMETTO C ~ 16’ Sea Fox
The Morris Island Lighthouse web page
www.savethelight.org