Thursday, May 15, 2008

FRIDAY = THE WITCHING HOUR HAS BEGUN!

OK, so we got a very nice up move in the markets Thursday, extending the rally without the financials. Once again it was on low volume, but a rally is a rally. Watch for the pin action on the momo players, as usual. SOLF, our Stock play of the week ROCKED and clients are going nuts for the bloody dang Ka-chingos!

ENER also rocked again. Couple to keep your eyes on; DE (looking $85 pin) and GS ($185 or $190). ALso watch the usual suspects like AAPL and RIMM and of course GOOG.

I gotta finish my last two chapters of Rule Your Freakin' Retirement tonight for publisher so I'll keep it brief.

This weekend is HUGE, Yanks/Mets, let's go Mets! I know, most of you could care less, you root for other teams, but it's a huge weekend for Waxerino.

Speaking of baseball, you know what sucks about our society? No, its not war, its not starvation, its not teenage pregnancy, or drug abuse. No, none of that, it's that pitchers don't ever go more than 6 innings anymore! It's sad, really. I pitched as a kid and teenager until I threw my arm out and now I can't even reach the freakin' plate, but before I digress, every baseball fan loves it when a pitcher goes 9, fans 11 and gives up 4 hits. This isn't DH vs. no DH argument, there is no argument, pitchers are supposed to go 8 or 9 innings unless they get bombed. Now? Micah Owings on Arizona, who seems to be a better hitter than pitcher, is 5 and 1 and hasn't pitched more than 6 innings in any start. That's ridiculous. And, the excuse is that because of the big salaries the teams are worried about pitchers getting injured. That's nonsense, how many times was Seaver or Palmer, or Goose or a ton of pitchers on the DL back then? I'm betting you had a very similar ratio, or even better. It's a real shame.

But, what will be more of a shame is if the market chops around tomorrow like it did a lot today. Chop days are toughest days to trade cause if you overtrade them you end up stopping out no matter which way you play it. I think next week is gonna be a big directional move. Maybe we get to the new High of Year we've discussed. S & P looks like it wants that 1450s mark and we'll see if I was right about that area being a top of sorts. I guess we could go to 1500s, or beyond. I don't really see it, but ya never know. Unlike pitchers who you know aren't going more than 6 innings, a rally can go on, and on and on and where it stops....no one knows!

See ya manana, let's rock!

Michael WAXIE Parness

4 comments:

briantwestbrook said...

So Wed Nite you were looking for a gap up to fade on Thurs open. That happened but it never pulled back and ended higher. Your post for Thurs Nite doesnt mention anything other than you were expecting the rally?

Do you still see the much lower prices you talked about in earlier blog posts?

Also why are you putting your kids in NYC public schools? I would think someone of your wealth could afford to put his kids in a really nice private school? Anyone who can afford to make movies as their hobby could easily afford some private schooling, no? Not trying to pry here but have you thought about that option?

Waxie said...

I don't see much lower prices at the moment. We may pause here, but I still think we should first see a new High of Year. You have to go with the flow, the hot get hotter in a momentum based market. it's scary, but if you are not in Ags, Solar or Commodities (metals, etc) then it's like watching a pinball machine.

As far as school, I don't believe in private school for my kids. And, who says I have this great wealth? Make a few movies, and see how wealthy you are! :)

I had looked into private school a while ago, it's not for my girls.

Just cause you have some money don't mean you should spend it on things you don't believe in, right?

Waxie said...

Oh, one last thing. Remember, I'm coming from a trader perspective. I think longer term the market is gonna have a lot of issues. The idea of a "Bottom" is foolish and meaningless, the same as the notion of a "Top" is. Bottom line is, if you buy something for $10 and you sell it for $30 you'll make money. If you short it at $10 and it goes to $7 you'll make money. It doesn't make much of a difference. Market is tradeable every day, I don't care what it does. I'd rather it go up cause that's easier and more enjoyable for everyone, but nothing goes in a straight line, does it?

briantwestbrook said...
This comment has been removed by the author.