I Don't Know About Bump And Run.More Like Jump And Run -G-
I like looking at pictures as much as the next guy , but this latest haywire string of events have probably removed many indicators from the chart till this washes through this week and some direction is found.
The Euro is still weak but the oil speculation business has been handed its head on a platter , thanks to a move whose intention was to do just that.Some say it's politically motivated , but I will reserve ( pun intended ) a take on that.Right now,any major policy shift or major action will be considered politically motivated ,good or bad.I won't go any further on that , since American politics is probably best left for Americans to discuss.
The NASDAQ will probably see some short term follow - through from Friday's " hail mary " , but the threat of more earnings warning projectiles being hurled at the market will keep many on the sidelines except for intraday traders and the like.
I have the NAS doing a bounce early tomorrow on relief sentiment , but not making major gains on the day overall. That would be the sensible reaction , but sense has not been a large part of this market for some time now, so a major rally is not out of the question.
I have the NAS doing more of the two step the rest of the week till maybe late Thursday or early Friday when end of month and maybe end of early warning season begins to kick in and alleviate some of the fear out there.
OK. I dumped all my long positions i picked up on Thursday into the verticality Friday afternoon , as I was not convinced at the time it was for real or not.That may have been a mistake ,but I basically got out more the wiser and less the poorer for it.
The INTC warning was not a total surprise after reviewing the information, but it did catch me off-guard...AGAIN! -G- I guess the only consolation I have is that I sure wasn't alone on that one, and the information was distributed to retail and commercial investors at the same time , thanks to the new SEC disclosure rules.
I see as I write that the Asian markets have a major WOODY on tonight , with the Hang Seng up about 5%,the Nikkei 225 up about 2% and the Seoul Composite up about 5%. This too should add some spirit(s) to the punch bowl and help to alleviate some Global recession concerns.
I have no strategy for this week other than be nimble and cautious , as usual , with no real conviction one way or the other.I will let Mr. Market prove me right or wrong on my thinking , but not place any heavy bets till later in the week , if at all.That again sounds like I don’t know what’s going to happen , but does anyone for sure right now? – GGG - |
