Market staged a worldwide rebound....In US it was on lighter volume...
Internals were much stronger than close.....
Many bears are showing up on CNBC predicting severe correction.....They are listed below in no order :
Mohammad El-Arian of Pimco....has been harping against stock market rally saying "its on sugar high"...so he must have taken a short position.....
Art Cashin of UBS now predicting "historic trading in next 8 weeks" translation expect a major CRASH.....he has been WRONG for 6 months in a row.....
Doug Cliggott a perma bear who has never accepted any stock market rally is saying "stay in all cash"
Robert Prechter of Elliott Wave has been predicting a "retest of low (S&P 500 666 level) and saying that we will NOT hold 666...going to much LOWER than 666.....that came out on Aug 5th.....
Fast PANIC Money gang predicting 905 in S&P 500....
SO...there we have very powerful players from PIMCO,Elliott wave technical analyst giving plenty of time on CNBC for bearish call......
This tells me that as a CONTRARY indicator we SHOULD go HIGHER as too many bearish bets have been placed......
YES...markets are elevated...we MAY get JITTERY TAPE.....so pay attention to your stocks...some ARE extended ..so a downward basing action MAY take place......
NEVER ignore NOISE ...BUT do NOT ignore your OWN investing/trading thesis.....
HPQ ER was good but it is down AH.......
YGE reports before open...expecting a good ER.....
AH Futures are RED
AH OIL is green
AH Nikkei is slightly GREEN
BLOG does NOT give buy or sell.
Saleem
3 comments:
Good Mornig Saleem
Market is red today
I guess the bears are trying to make a stand
Look toward the close as I think we will go green
Ge is at $13 .50 and holding it may break $12 any takers?
Regards
Hi Madmax,
YES..close tells the real story.
GE is a buy @ $12......
Saleem
Hi Madmax,
I'll take GE at 12! Still covered at 14 for Friday. Options week is always a worry, you never know what the big players will do with the futures.
Best Regards
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