Monday, November 21, 2011

Doug Kass Says We are Rallying Due to Some Vague Comments about the Super Committee Still Working from Sen Baucus

Per twitter

@DougKass Stocks rallying a bit on some vague reports that Senator Baucus is saying things still going forward. We shall see.

And if anyone knows about how to play the market, per that 60 Minutes piece two weeks ago, it's Baucus.... one assumes Baucus got long 45 minutes ago, made bullish comments, and has now flipped for a profit.  Triple leverage ETF in size I assume. Tacked on some 10 S&P points in the last 45 minutes.

Now that's 'smart money' - perfectly legal in America to boot, yo!

Correction 3:05 PM - Rep Spencer Bachus (R-AL) is the guy featured in the 60 Minutes. Max Baucus (who Kass is mentioning) is a Democratic Senator from Montana.

That said they can both insider trade legally so it's moot.


Technically, we bounced off a 50% retracement level from the lows of 1074 to the high of 1292, down at 1183. h/t Steve Grasso.

Until the S&P gets back over 1206, it's all moot except for daytraders.

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