GLBL technicals...
Nearly 4 million shares positive "On Balance Volume" since the 25th & + 2 Million OBV the last couple of days.
GLBL had such heavy volume proxy buying by institutions on the run from $14 to $20; that the tax loss selling was a given here; buying & leveraging that blow off into a positive "OBV" turn was an absolute market freebie - as was taking profits on the last day of the "paint taping" quarter here today; as those fundies who are still holding size in GLBL; wanted to "tweak" their numbers and they obviously did.
We should be able to buy GLBL back at least a $1 cheaper, maybe high $10's mon-tues-wed; especially if we see some pre-API selling/profit taking on tuesday, or selling off of negative API's (if seen) on wed. - I'm looking forward to buying back what I just sold - again; because the tax sellers will be buying GLBL back in size post the wash sale expiration in late Oct- first of Nov.
Loved ATW in the high $30's again, didn't sell a share yet - this see's $60 on the next OSX leg - still "the" value in drillers.
... bought some GOLD, FCX & DROOY today in mining stocks with some of the GLBL $.
Still playing the "Hat Trick" - profit taking off of Black Gold to keep loading up Yellow Gold & waiting for this bubble & "non inflationary" nirvanna to turn into another history lesson on gravity from Mr. Market.... Apple crushed, Intel crushed, MSFT no longer the bellwether it was, Cisco at crucial support; Gateway hurt bad - and the evidence of a vastly irrational market continued with todays consumer spending numbers; showing spending outpaced income by a 3:2 margin - think about that one.... for every $4 increase in income - the average US consumer is spending $6 !
Income up at an annual 4.8-5% rate, but spending up at 7.2%. Still a tight labor market, massive & reckless credit expansion that's going to implode on the banks in the consumer finance arena, commodities keep rising & co, after co citing Euro & Oil problems and there is no way virtually any sector other than energy; is going to show impressive comps going forward. The World's Fiat Money presses are smokin - money supply & the US account deficit is a bomb with a lit fuse....
We've finally got some people seeing what Oils bleed-thru is doing to the economy; another 4-6 mos of $28-$35 crude & they'll all be believers.... when the Kodak, Apple & Intel warnings become the norm & reality sets in and the market & individual investors start to realize that no one is going to be matching the comps going forward coming off this nirvanna-bubble; then multiples are going to contract dramatically.
Vanguard's founder John Bogle just talked about the S&P - which was selling for 15 x earnings in 1990; now its 30+. If we "merely" return to the historic multiples of the 1990's here; the S&P would implode in half & crash to 700.
Citibank & a hedge fund alleged to be trading the EURO move with "inside-esque" info; the ESF allready suspected of selling gold short to bail out the deritvative trades of chase, citi, jPm & Deutsche et al; LTC a not to distant memory keeps coming back - this is one tangled web of a market & when it comes un-raveld - this one's going to be nasty.
I'm hoping the ESFExchange Stabilization Fund keeps this market supported for a while yet; allowing an OSX run thru 165 - at that point; I start rotating non-stop; all further Oilpatch profits into un-hedged XAU - Gold mining stocks & start setting my Tech Shorts... this one's in the 4th quarter & it's going to end badly. |
