I think bears had their chance this morning and could not break 1070 convincingly. With 2.5 hours to go and everyone of importance at the Hamptons, I'd expect some 'mark up' action into the close. With 1070 holding, a run to 1100 by Monday (of course in premarket) looks more probable.
I've added to Salesforce.com (CRM), Netflix (NFLX), F5 Networks (FFIV), (about 0.75% to 1% each) and topped it off with some TNA ETF (4.5%) - I'll be expecting to cut these back in about 20 S&P points if and when.
I did not go with the lemmings yesterday because I wanted to see 1070 tested, and we had that happen this morning. So I too will join the lemming parade - if temporarily. If you are a cynic (hand raised) you just have to believe the long only funds will mark this market up on quarter end, and it is never done on the last day since that is apparently the only day the SEC will frown on it. So that leaves Monday and Tuesday.
If this all plays out so perfectly I''l be interested in remounting some individual shorts around S&P 1100. Already labor report Friday approaches a week from today - another curveball straight ahead.
Long all names mentioned in fund; no personal position.
Friday, June 25, 2010
Bookkeeping: Bought some Salesforce.com (CRM), Netflix (NFLX), F5 Networks (FFIV) and TNA ETF
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