Every so often I watch a sport called "Bullriding" on TV. A cowboy tries to ride a huge bull for eight seconds with only one hand holding a rope. The cowboys and bulls are experienced pros, and some bulls are very tough to last a full ride.
This bull market is a pretty tough ride, too, as Friday showed. Those beefers are doing their best to scare us off. So they use a summer Friday options expiration to paint the charts.
The S&P cash is back on support, still over the 50 DMA. The Nazz shows a choppy bullish flag; the Nazz 100 still shows an uptrend. The Dow Industrials shows a choppy bullish flag, too.
Sheesh. Bubblevision puts Sutty on - he's a bear, making a big deal of the pharmas. Since when are the pharmas leaders?
The NYSE short interest hit a new record again - five months in a row. NYSE short ratio increased to 8.4 days from 8.0 days. The Nazz reports this week, and a new record there seems certain. You readers were smart not to take my sucker bet on the record short interest.
Seems like the beefers bears uses GOOG to try to start a panic. Huh? Uh, year over year earnings were up 43% and revenues up 58%. GOOG bounced on the 50 DMA. I think the bears will get hurt on that one.
Brent still is at a premium over WTI. Nat gas has pulled back - I'm worried about that low - have a small loss now after being green. Any Green-red move mandates re-thinking a trade. Soybeans are still chopping around. Today's crop conditions reports might set the trend there. We are approaching the crucial podfilling period. A weather service I use says the first 20 days of August will be the hottest period of the summer. So that's why I'm long both those commodities.
Vermont was great fun - very tiring, but hugely enjoyable. I'm really, really good at the T&E adjustments on the M1919A4s - I use M1917 tripods. Also with handling the M60 "Rambo" style. I even was impressing line staff with my M14 handling - that has a huge kick on full auto. Few men can handle that one, but Bunkerman can hehehe ;-) The M1928 Thompson worked great with the L Drums with brass cases. Dumping a drum in one pull is a thrill every time I do it. Friday we did it in the rain hehehe ;-) Saturday weather was perfect :-)) I came home dirty, greasy, and tired, but looking forward to next year.
PS: I've been getting the "Blue Screen of Death" on my eSignal computer frequently now ["KERNEL_STACK_INPAGE_ERROR"]. I didn't install anything new - neither software or hardware. So the Windows suggestions are worthless. Anyway, I'm transferring vital files to my new Vista computer, one folder at a time since I got a Blue Screen when doing all of "My Documents". Strange error - some say it's a hard drive problem. Windows computers suck is all I can say. I'll call Dell for service once I get the vital files transferred. They might want to replace the hard drive.
PPS: RIG and GSF agree to merge in sort of a merger + recapitalization as lots of cash is included. Interesting. Alpha Fund owns both.