The S&P 500 chart shows a consolidation pattern in the range of last fall's long, ragged trading range. Its 200 day moving average (DMA) is falling slowly to the level of the rising 50 DMA. The consolidation pattern is centered between the two moving average curves. So it's a battle of time and price.
Yesterday shorts seems willing to press futures lower before the opening, but buyers stepped in early and then when the big uptick in consumer confidence hit the newswires, the market popped up strongly and continued strongly all day long, closing near the highs. Most of that was probably shorts covering, but some must have been buyers.
Obama Fund is long enough, but would go longer at a good time or price, viz a bear raid knocking the prices to the 50 DMA.
Word of the Day
"Tosh" - noun [$10]; a Mencken word
Tosh means 1. rubbish, nonsense; 2. (slang) a casual form of address, especially to unknown persons. Mencken usage: " ... who writes such thumping tosh ..."
Sentence: Perhaps I should start calling CNBC the Tosh Network, of Toshvision. I watched a segment last Friday on short selling, which was such butt-kissing, one sided pro-short selling tosh.
Le Mot du Jour
"Pleuvoir" - verb
Pleuvoir means to rain.
La Phrase: Il pleut ici maintenant.
Sentence: It's raining here now.
Bunky put call cut in half yesterday to .54 in a blaze of month end paint...need those pesky real buyers to step up.
ReplyDeleteMy guess is real buyers bought the dip very early yesterday, scaring bears to start covering.
ReplyDeleteguess again....
ReplyDelete"a long fly ball...."
so with a 'real' uptick rule the S and p would have held 1200 ?? huh ?? are you nuts ???
ReplyDeletewhat a bunch of thumping tosh
welcome back Bman
ReplyDeleteon my trip to devens........i noticed that the massachussets national guard is there........tanks right out there in the open.....never seen one before.........quite a sight
Bman what are your thoughts on a national sales tax ?? kent conrad wants one
ReplyDeleteNational sales tax would be a disaster. Ughhh.
ReplyDeleteWhat a battle on what it covers: goods, food, services, etc.
Kent Conrad is an idiot.
Indeed bunky...barry needs to continue to focus his massive tax increase plan, on, well you...while the boys at the gun club smile and nod you must know deep down they want to stomp your sack and drive off in your hummer.
ReplyDeletenaw, fellow gun owners treat each other with respect.
ReplyDeleteBut they'd like to stomp the usual ruling class rich.
What they really want is for me to sell my US military collection to them.
ReplyDeleteM1's, M1 carbines, etc. - big demand
tanks are cool, Bud. As are Bradleys ... but half-tracks are the coolest !!!
ReplyDeleteI neeeever saw a tank before.....hey lil fella..ever been in a fire truck before?....well climb aboard Jr Fire Chief!!
ReplyDeleteLMAOOOOOOOOOOOOOOOOOOOOOOOOOO
Bud how's that handicap son?
ReplyDeleteLemme guess....you hired a personal trainer to help with your fitness...
" The fear of being left behind is the dominant emotion"...thx jim...did I just hear the checkers hitting the floor down at drucker's general store...Bunky just toss the board?
ReplyDeletehaha.
ReplyDeleteSuch wisdom. Such logic. Oh my, I'd better sign up and pay my $6K.
I got an unabridged dictionary for German.
ReplyDeleteHere is "Kiss my a**!
du kannst mich mal am Arsch lecken
Uh, Jim ...
loooooooook...it diidnnnnt work for you guys.......it works for meeeee......it puts bread on my table..and lets me see things like tanks that Ive never seen bofore
ReplyDeletethanks "jim"
looooooooool Bunk
ReplyDeletemern Manchester United-Barcelona now airing....I know you are watching...
ReplyDelete