Just about every technician on this planet was predicting market correcting to much lower level...based on simple logic that "we have gone too far too fast"......
Guess what.....we are going farther than .....what many technicians are ready for......
Today we are witnessing "short squeeze".......
Markets have done their consolidation already......
New bull market always displays strength which "most technicians will miss".....
Consumers are NOT buying doom & gloom from our favourite business channel...as they are smarter than most "talkers on doom TV"
Many stocks are showing great strength.....
Almost 4 to 1 lead by advancing stocks.....
UP volume crushing down volume.....+67% to +87%.....
VIX down to 30.67..down 6.01%......
Gold Down $7.70
Oil Down 2 cents
Portfolio is MRVL,MPEL,PMCS,PALM......
Canadian $ UP 25 tick against US$.......
Most stocks are UP nicely......$$$$$
BLOG does NOT give buy or sell.
Saleem
2 comments:
Saleem
Shipping rates looking up
Wednesday, 06 May 2009
Tanker shipping group Frontline said freight rates looked "reasonable" in the first and second quarters of 2009 and will be reflected in quarterly earnings. "We have had a pretty reasonable first quarter, which we will report on at the end of May ," Frontline's Chief Executive Jens Martin Jensen told Reuters. "Rates in the second quarter look reasonable so far as well," he said.
Jensen added that he had not seen "much" of loss-making freight rates which have reportedly hit other shippers.
According to last Friday's weekly report from broker Bassoe, freight rates for tankers were stable around $21,000 a day for VLCCs (very large crude carriers) from the Gulf of Mexico to Korea last week, which would mean losses for most ship owners.
Shares in Frontline -- the world's biggest independent oil shipper -- rose 19.1 percent to 157.25 crowns by 1249 GMT.
"This has puzzled me as well, but this market rose in the U.S. on Friday, so I assume this is a natural follow-up from the share price development in the U.S we are seeing," he said about Frontline's rally on Monday.
Analysts said there were no changes in fundamental market factors that would explain the surging valuation, but that it played well into a broader "economic recovery" rally.
"Speculation that the economy has bottomed out is also triggering the rise," analyst Rikard Vabo at Fearnleys said.
Hi Madmax,
Thanks for the detailed info for FRO.....
I have not done any homework in FRO...I know Cramer the magician likes it.....
Saleem
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