Wednesday, March 21, 2007

First Day of Spring, etc.

First Day of Spring .... and it's 10F here this morning. Brrr.
We also have about 8 inches of snow & ice covering everything. This is unusual even for here in Massachusetts.

Those pioneer ancestors of mine on the Virginia & Ohio frontier were tough.

Uh, here's a headline: "Rove offered for unsworn testimony" ... Isn't "unsworn testimony" an oxymoron? I suppose they really meant "offered for a chat" but that didn't sound right.

Our new puppy is now on the plane from Australia. We should have him here later tonight.

Yesterday was the first closing day over 1410. We need one today to turn the chart bullish. [btw, S&P futures need a close over 1425 to be bullish.] I'll wait for the proof before trying the long side.


mern said...

well im as clueless as ever. these last two days of buying have me scracthing my bald head, although the vol was weak.

how about this. the fed comes in hawkish. after the initial rinse, watch the FXY go down, as the buck goes up. the shorts go, and poop here we go again. and we get that 1410 or 1420 close.

is anyone looking for the fed to be ultra hawkish and rally in stocks?

if no one is making that bet, and the fed is very hawkish, im thinking that is what happens.

the fed is constantly playing with psychology (which isnt a bad idea). so im thinking they dont want americans worrying about sub prime, so they blow it off. pretend they may raise rates soon, which will support the greenback and weaken the yen. and a weak yen seems to be the main tell for US stocks

Bunkerman said...

Treacherous waters, Mern. They have to be hawkish about inflation, though. If the beefers want a reason, they can find one, even if its wrong. Better to wait for the market to prove itself. A pretty good chart guy with a reptile handle used to say that. He was good.

Fwiw, I have a small S&P futures short - will cover on 1425 close or market holding that level an hour or so.

Bunkerman said...

Also, I hate these beefer yen plays. They screwed up my gold & silver trades. Grrrr.

mern said...

ya i stuck with SLV but barely. im mostly cash, and plan to be all cash near 10am. wait till abotu 230 to do anything unless BT throws a meatball

Bud said...

LOL 'unsworn testimony'. All that means is he is gonna lie and lie and lie......amazing how all of a sudden we are finding out how illegaly the Bush white house operates. When Congress was controlled by the GOP....there was zero oversight ....just a rubber stamp.
Bunkerman I sure hope you find some time today to watch Al Gore speak in front of congress today on global warming. He is very knowledgable on the subject. Even you may learn something.

Bunkerman said...

lol Bud. Check out for some real facts on natural climate variability.

All the Lyndon stuff just proves that both sides are liars & knaves. Which is what I've been saying for years.

mern said...

if gore really gave a shit, he wudnt be jet setting around the world burning more fuel than practically anyone in the world.

he is in it for the glory. he is a pathetic excuse for human, gore

Bunkerman said...

Covered that little S&P futures short for breakeven. It sure seems like the beefers want to take the market up. Without bad Fed news, they could. Maybe they want a Q1 payday & are doing some end of Q window dressing. Why take the risk - I'll play when the chart gives me a signal.

mern said...

ya i covered a VLO sh, for a single. now im gonna do nothing till 230 or at least try to.

i see todd harrisons GSS looks like it wants to go. i took a marker. i figure if the most bearish guy on wallstreet likes em, he probably right.

hes been long GSS and SUNW from much lower levels, while operating a short book.

i bet this is mostly short covering with some beefers squeezing them a little. but why is it gonna stop, after the fed comes out hawkish?

textbooks say, slow growth and higher than expected inflation is the worst environment for stocks.

so color me most confused and in cash