Thursday, October 27, 2011


The, "MAGIC", words have been spoken, that being "EUROPE", "DEBT', "PROBLEM", AND "SOLVED",
wad ever, I mean, they lucked out and got the new credit card they needed to be able to make the interest payments on the prior ten credit cards they have. I see the banks agreed to a 50% write down on the Greek bonds, who's going to absorb the OTHER 50%, hahahahaha! Before this is over I'll bet my bottom dollar it will be the AMERICAN TAX PAYER!!
Anyway, back to the REAL world, the DOW is up over 200 points, PERSONALLY, I'm going to use the pop to hedge, or get out of completely, some of my open positions, and use the rest to SELL THE WORLD, after the open that is. I'll only take a shot at that if we hold up into the open, we get the advance GDP reading for the third quarter at 8:30am ET, and for some ungodly reason the ANAL-LIST are "expecting" 2.5%. Now, who am I to debate some thing like GDP, I have NO FRIKCING idea where it might come in, but take a look at some of the charts over at Dshort, Consumer Confidence Hits an All-Time Non-Recession Low, and The Consumer Is Key To the Next Recession, after two years of, quote, "Recovery", the consumer readings are sitting at levels LOWER than where we were ALREADY in a recession in prior years, I mean, well, like I said, I have no idea where this thing is going to come in.
That chart is pretty interesting, like I said, I plan on selling the world, but that will only be on a short term, intraday basis, in reality we are opening up above the neck line, where we broke down in August, so if we can hold above that level, that eliminates a HUGE resistance "area", and if you look in the green box, that quick drop left a VOID, or AIR POCKET, that may provide no resistance to price going back up to the prior "highs".
Of course, the day is FAR from over, I mean, we could gap way up, and then put on some horrendous bearish engulfing bar, like we did on the Osama day, who knows, it should be verwy verwy interwesting, it should. At the very least, if we do hold above the neck line, and then go higher in the days ahead, I wouldn't worry about it, the odd's are EXTREMELY high that we will come back to "TEST" the neck line at some point, and provide a more logical entry. 
Good luck to you out there in La La DEBT Land today.


Anonymous said...


You are pretty damn right on the market behavior. I am with you. Just loaded SPX shorts on 52 week low..


Cucca said...

I hope you read the part where I said I was going short only intraday, I'm not making a big MACRO bet right now.It worked for the first hour, but that was it, almost a buck worth. I may post a 15 minute chart to show how it stopped out in the middle of NO WHERE, hahahaha, YUCKO, wad ever, I hope you make out all right. I hang around in Cobra's room during the day, just to see what that bunch is thinking.

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