*ok ok so I've been wayyyyy too busy for the past few months what can I say? Even this post may be the last for awhile but I will try. Just wanted to say that I had toldd most to sell into 11,000 on the DOW and even though I got alot of flack for it when it reached 11,500, now they are all sucking wind. So the moral of the story is? Mr. Market does what it should when it wants. The close today was particularly brutal considering its a holiday weekend and shorts tend to not want to stay into the weekend, but go figure. It will be interesting to see what the gangsters come up with next week and how far down they are willing to go before we hit earnings seasons on July 12 with AA. Start looking for stocks to buy. The market can still go lower but it is definately oversold. A few charts for your preview. The S&P and IWM have been getting whacked not to mention the Nasdaq whipping boy. The takeaway for me was when analysts were clamoring that AAPL would hit $300. I believe thats true but when they are telling you to buy cuz they say so, that means sell and wait for a better entry price. Only the ijiot mutual fund managers bought at $275 hoping to go up to $300.
Anyway, just dip your toes in and remember, you can only trade this market. There is no more buy and hold. Happy trading! - Tradebum
The S&P 500 and IWM Russell 2000 are below the 200 day moving average and now the 50 as well. We are back in bear territory folks. And the Nasdaq just keeps right on sinking with AAPL leading the charge downward.
*The Baltic Dry Index has been the bellwether to watch. It has been in a downtrend not seen since 2008. When this goes positive so shall the stock markets.
02 July 2010
Baltic Dry Index (BDI) -71 2280