Market had a nice solid rally Friday. As I posted here Thursday, I though the brokers may have seen a near term "bottom" depending on news that comes out from GS Tuesday.
There's a trend I've found to be very profitable over the years. Usually a sector that is heavily shorted and hated will get at least 2 days and often 3 or 4 rally wise. Shorts need to cover and in a beaten down sector it usually takes more than 1 day to cover, and also panic starts to set in and the stocks get a nice bump. For LEH the CEO and CFO stepping down was the news that bottomed it near term. Do I think it'll last? NO SHOT IN HELL. But, so what? As a trader you just need it to last as long as you're in it.
Happy Father's DAY to all who qualify! Can't wait to give my baby girls a BIGGGG hug!
And, get one from them!
In the meantime, I'm preparing to meet a bunch of you in NJ at our seminar! I always enjoy meeting clients who are excited about learning how to RULE THE FREAKIN' MARKETS!
This time is no different, Tiny, myself and Scott are all geared up! Hopefully we rule the market for the week. We shall see what we shall see!
Watch GS Tuesday, LEH monday is a non event more than likely given what happened last week. The stock might get a further bump and if GS doesn't say anything horrible GS might try for $200 again. I think its nuts and it'll move to $120s eventually (or lower) but the market doesn't move in one direction, it trades up and down and up and down and down and up, and...you get my drift.
Oh, I will be posting a link next week for you all to buy my movie, Crazy for Love. It's also now available for rent at Blockbusters around the country. Kinda cool. Give it a watch and let me know what you think...if you like it!
See ya on the other side...
*I have a call on the banks shortly. Watch for C or a couple of the big guys to say they are cutting their dividends. I think THAT will be a tradeable bottom on a sell the rumor, buy the news TREND! I think it'll be a VERY nice trade actually, so keep an eye out for that news to break. When it does you might want to think about shorting the SKF or buying the banking index or the stocks that have that news. Obviously use a stop if you choose to take that trade. We shall see, what we shall see!
HAPPY FATHER'S DAY!!!