Thursday, October 27, 2011

Harry Boxer, in his charts of the day, http://www.thetechtrader.com/chartofday/, talked about one of my USED to be, most favorite outfits of all time, the FORMER crane maker Manitowoc, I say "used" to be, because this outfit was a classic case of management panicking because of the end of the boom in construction, and they went totally out of their REALM of expertise and brought a food service outfit, sigh, wad ever.
They had the big day on an earnings beat, just barely I might add, as, WAAA LAAA, the crane portion of earnings is doing better. Now, I don't do well by "chasing" things, so I won't chase this, I seem to get my ever loving ASSSSSSS kicked doing that, but I can see some thing I'd LIKE to see. This bottoming pattern is kind of an Inverted Head and Shoulders looking type formation thingey, and it, COULD, set up a Cup and Handle. With the big move up in the markets today it's obviously going to gap up, what I'd like to see is for it to then pull back, there's two ways to play it, it, COULD, pull back to an uptrend line that goes across under the right shoulder, which I would REALLY like, OR, it may gap up and continue up for a while, and then it could pull back to test the break out point at the Neck Line, either way I could handle some thing like that. The pattern, on an Equal Move basis, points to ABOUT $16, so that would be my target. Of course, if it just blasts higher with out stopping, well, I'm going to meece eet, wad ever.
He also talked about GNK, which you all know is another of my favorites, I haven't been in it for awhile, but it also might be interesting on a pull back some where down the road, if you look at a chart, http://finviz.com/quote.ashx?t=gnk&ty=c&ta=1&p=d, it's kind of trapped inside some trend lines, and I'd like to see it pull back to the LOWER trend line, where I'd be a buyer again.

Well, I'll be damned, the GDP actually came in BETTER than expected, hahahahahha, at 2.5%, of course, they get about a dozen "revisions" to it in the months ahead, but the market is gapping even HIGHER off of that news, COULD THIS BE THE START OF THE NEXT GREAT 20 YEAR BULL MARKET, WOOOOOO HOOOOOOO!!!!!!!!!!!!!!!!
By the way, Bloomberg has this head line right, U.S. Economy Grew at Faster Pace as Consumer Spending Picked Upbut what they fail to mention, is that consumer spending picked up because it HAD to, as gasoline prices went up 66% into last MAY, and have not pulled back, at least they haven't here in this one horse town, and food prices have almost DOUBLED, sigh, it's the damest thing, the commodity futures have actually pulled BACK, but we are NOT seeing it at the retail outlets, and with oil blasting higher, and probably headed back to over $100, I see nothing but a fricking DISASTER coming, but, that's down the road and neither here nor there for the moment.

4 Comments:

Mo said...

No one seems to give a damn about the gasoline or food prices, or the plummeting (again) dollar and spiking US interest rates (albeit from historic lows).

It's going to be a clusterfuck for the consumer, not that many pundits or a single frickin' loser on CNBC care. I appreciate that you at least mentioned what to me seems pretty obvious.

Cucca said...

THANK YOU! Wall Street lives in fricking La La Land and don't have a CLUE (as in Clueless, hahaha) as to what's going on on Main street. Wad ever, we shall see what we see.
By the way, I read Dshort all the time, he's fairly honest about the economy.

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