A acquaintance of mine hunts bears in Maine. He can recognize their signs - tracks, scat, marks, etc. [btw, there are a lot of bears & they are expanding their range - some have been sighted in the northern part of my town here in eastern MA.]
Ms. Market seems to be hunting bears, too. Not aggressively yet, just grinding them down slowly. The S&P 500 recent upper trend line was hit yesterday, but I suppose the old all time high at 1527.46 beckons. What we have to wonder is whether it's Capt. Ahab beckoning us on to chase the White Whale to our doom [or alternatively the Sirens beckoning us onto the rocks], OR will that be a base/consolidation level for further gains.
I'm sure the beefers will sell aggressively there and we'll hear lots of "double top" screeching. At least I hope we do. The Rut looks like a C&H bullish continuation pattern. Ditto the Nazz composite which broke up yesterday. The SOX put in a second day close over its breakout. The Dow is very strong & could be extended here; but on the weekly chart it had a huge multi-year base . The Dow 100 year chart shows that a breakout out of a huge multi-year base can go very, very far [cf. 1913, 1949 and 1982].
Until we get a change in the fundamentals, the path of least resistance is up. Buy dips. Hold until relieved. Nothing has changed.
About Me
- Bunkerman
- I have a pioneer mentality. My wife & I live in the woods - neighbors aren't visible except slightly in winter. Our "bunker" - hehe, really a fine home & barn - has plenty of security. We have four dogs: Krypto (age 9, Kelpie), Ava (age 13, Rat Terrier), Sky (Kelpie, age 5) and Lucky Star (age 1, kelpie). I don't take crap from anyone anymore, having enough resources & gear stocked up to survive in any circumstance. I have three degrees from Harvard including a Ph. D. in a physical science, and an MS in Management from MIT. I worked as an investment banker for about 25 years, mainly in secured finance, at three major Wall Street firms and for the last 17 years with my partners at our own firm. I'm semi-retired now, managing some private corporations and business interests and doing my own trading & investing. This is not to boast, but to give you an idea I know a little about some subjects from experience. The photo is my 1943 M16 half-track which I am restoring. These armored vehicles were ubiquitous in the US Army in World War II and Korea. It's driveable.
24 comments:
I agree. Market seems destined to test all time highs on S&P. Some 4-letter stocks on a short-killing rampage this morning...AAPL, FFIV, NTRI.
Can someone tell me what the all-time high is on the S and P? Closing high is 1527.
I suspect the all time S&P high will be [from a trading perspective] either a "second mouse" event or a ropa-dope. In both cases, I think we go much higher this year.
We must be in a strong market. F is gapping too.
Uh, Bud, it's in the post. 1527.46 is what I found on a search this AM writing the post.
Bunkerman I believe that is the closing high only. Isn't the all time high a bit higher?
Got it. 1552 is all time high on S and P. March 2000.
Oh, you mean cash intraday. I don't know what that is. I miss-read your comment.
bunkerman, i have to hand it to you, you have stayed bullish throughout this run,great call there
Thanks Si.
It's my less work, more thinking lifestyle.
i hope you guys got in on DXPE and RVBD from yesterday morning
ALJ west coast refiner, id like to see play ketchup with SUN and VLO
no doubt Kman is the man. im still scratching my bald head as to y we up so much, but i do get it. i just continue to think americans r on heroin and everyday we decide to keep using, making rehab (when if ever it happens) worse and worse
GDP mite be 2% tom, CPI is over 7%. we r losing a war and its not gonna stop and we r gonna keep losing. we have, by 3 country miles, the worst president ever in the history of america. and he feels threatened by smart people so we have a cabinet full of loyal c students running the country.
yet somehow the private equity keep flowing and while the $ goes down it helps earnings (which is all they talk about on bubblevision) but i keep thinking about how inflation is just going up becuase of that.
and the thought of shorting a stock right now seems so utterly stupid i dont even think about the shorts anymore.
I can think of longer term risks & plan to write about them over time.
But I haven't seen US stocks this cheap vs. interest rates for a long time.
So unless something happens, I think we go up.
I keep looking over my shoulder & wondering what will kill this market. I was worried in early March, but the CDO/CBO/CLO debt implosion didn't happen. Then we got good inflation news. I think it takes real news of totally unexpected events. Or DC fools.
gud job by the democrats, wind fall oil profits. truly the stupiest thing possible. we have tried it before it doesnt work!
y cant the left focus this energy on the property and casualty folks? they have been raping people in florida for the last 3 yrs. nothing happens great. if your town gets rolled by a hurricane gud luck getting a check within a yr.
what does the tree hugging left expect when they havent allowed a single refinery to be built since i was 10.
Btw, I bought some more Dec. corn on this pullback.
That's the problem with the D's - instead of really helping people, they want more tax money.
If they were true populists, they'd win a huge victory. But all they talk about is raising taxes on somebody & hiring more bureaucrats.
VLO new all-time high. PE is 8x. Ridiculous. That's what I mean by cheap stocks.
They could LBO that one at 10x easily.
i dont see bud sticking up for windfall oil profits.
bud is not a democrat. he is socially liberal, fiscally conserative just like me.
die repulicans die!
die democrates die!
live pro death, pro choice, anti religion, anti big govt!!!!!!!!!!
Going on a 4 mile walk with the doggies & Mrs. B
Good luck.
Peace.
refiners getting neg stoch divg
waiting for SNDK. must say i enjoy this classical music. sick piano player
Marilee Jones, a prominent crusader against the pressure on students to build their resumes for elite colleges, resigned Thursday as dean of admissions at the Massachusetts Institute of Technology after acknowledging she had misrepresented her own academic credentials.
Jones has been a popular speaker on the college admissions circuit, where she urged parents not to press their kids too hard, and told students there are more important things than getting into the most prestigious colleges. She rewrote MIT's application, trying to get students to reveal more about their personalities and passions, and de-emphasizing lists of their accomplishments.
But Jones, dean since 1997, issued a statement saying she had misrepresented her credentials when she first came to work at MIT 28 years ago and "did not have the courage to correct my resume when I applied for my current job or at any time since.
"I am deeply sorry for this and for disappointing so many in the MIT community and beyond who supported me, believed in me, and who have given me extraordinary opportunities," she said, adding she would have no further comment.
yowza
that isnt cool
Post a Comment