Some indicators I follow are indicating more than a minor dip, imo.
What are those indicators?
Most indicators have totally sucked for over a year.
Bullish% BPCOMQ BPSPX stochastics MACD, never ending "ending diagonals" volume CCI etc etc etc etc etc
In the every FN stock and certainly the indicies keep getting bought on the 50MAs. I have a friend (neither a bull or a bear IMO but definately prefers to play the long side only) that says we are escalating here and bouncing off 20 or 30MAs instead of falling to the 50MA.
Of course you know and I know and he knows this can not go on forever but so far EVERY top call has FAILED except the last one on the spoos and it needs about 5 more points to kill that one.
I for one am tired of ending diagonals that never end, horesh*t like F rallying 6FN% today on a debt downgrade, etc etc etc (I had F puts and was not exactly please).
I hate conspiracy theories but it is almost as if every MF*cker MUFU Bank Hedge Fund or whatever in the country is working overtime to get Bush re-elected, bail out pension plans, or god knows what else.
Ceratinly you can not deny the liquidity and the fact of the matter is that no one gives a rat's ass about valuation, ethics, or anything thing else. I believe there is a PPT but I am not sure if it is just insane liquidity or the PPT but bad news is bought 100% of the time. Good news may be bought or sold but bad news is ALWAYS bought.
Bonds up today, Dollar tanked today, gold and silver up today, oil on a tear and stocks rally anyway out of the blue today for no god damn reason other than the $ is smacked. Does that make any sense. It does not have to make any sense all the time. But god damn it it should make sense at least 5% of the time.
I am half convinced that this market is not going to die until
1) bush or Cheney has a heart attack or something like that
2) someone blows up the sears tower or mall of america
3) things get so impossibly bad in Iraq AND simultaneously more and more and more and more people are put out of work AND the market finally gets a wiff that Bush can not win re-election AND oil skyrockets
1 and 2 are random and unpredictable and althouh I think #3 is likely, we just might not know this until June
In spite of a very good day in silver, you can see that F and other things have me more than pissed off. Pray tell what are those indicators.
Thanks
M |
