Indices gave a big thumbs down to Doug Kass for his bad thesis....
It is amazing to see seasoned hedge fund managers being so wrong about TAPE of this market...
One of the biggest saying on wall street IS "NEVER fight the TAPE"
Same hedge funds managers/technicians who were all positioned for S&P 400...missed that mark by 40%..this includes Prechter & Louise Yamada ( remember her?)...It IS OK to be WRONG once BUT NOT TWICE....????
So..we have another highest 09 close......on very strong volume.....
We have two more trading days left in this month for window dressing.....which could bring more firework on the UPside.....
Adami NOT making any "way lower S&P prediction "????
Volume will be LOW which is a good thing on down days ......so expect flattish to slightly lower 2 weeks ending 11th Sep...because of Labour day holiday......
What we have to understand is the direction of this market which IS decidedly UP....so think long term bets on any pullback.....
AH MRVL reported a Beat & guide UP..AH stock UP 9.02% on 1.12 million shares....
AH Futures are mixed
AH Nikkei is UP
AH Gold UP
AH Oil UP
Some of you MAY wonder as to why I am NOT speculating in Financials.....As I am fundamentally driven swing trader I must like the fundamentals FIRST..which I do NOT for Financials...secondly I am involved in a serious speculative bet against US$ with Canadian $ which IS extremely volatile on a daily basis...I was fully positioned for this bet when US$ was getting over 30% against Canadian currency...NOW @ today's close it gets 8.35% only..so I have GAINED almost 20% in my entire Equity with this bet...in other words my equity has tripled since the low point of this bet.....my entire equity gets rebalanced DAILY with gains or loss based on CAD/US$ ratio......My belief IS that CAD will surpass US$ AGAIN....last time I switched when CAD went to 10.5% premium against US$...I may do the same switch AGAIN @ some point.
BLOG does NOT give buy or sell.
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