As I wrote in premarket, this morning's troika of bad data (foreclosures, weekly jobless claims, Greek debt) would lead to a selloff of at least 10 minutes... with a maximum of 30 minutes. Which happened. (you thought I was being facetious?) The market was crushed to the tune of -0.1% this AM. I hope you bought the dip... I don't want to hear anyone complain that the market never pulls back. Remember, flat is the new down. We are working on the 6th straight day of gains and 9th out past 10. Also the 12th positive sesion out past 14 (with the 2 down days being blips), but really...whose counting?
At current pace, the market is ready to reach all time highs by Thanksgiving. Remember, some sectors are already at all time highs. Paper Printing Prosperity (P cubed) is a wonderful thing.
As an aside, I bought some SPY calls late yesterday (about a 5% allocation) and hope I can drink enough Kool Aid to not be shaken out of them. I will sell these at S&P 1225+ OR this afternoon - whichever comes first. With the market mostly grinding higher rather than sharp moves, it is not a great fit with any quick index plays (buy, appreciate, go back to cash). Partly why I have been focusing more on individual positions lately.
[actual photo of my head trader entering stock orders for me below]
p.s. 6 day moving average update = S&P 1201-ish.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows