Tuesday, March 31, 2009

Today's action...

Is relatively meaningless, other than I called it right...until the last hour! We gapped up big, faded and then ramped up HUGE, only to fail and close back where we started the day basically!

It's hard to imagine us not getting some kind of pop into the mark to market hearings, I hope so, I think we go down post that. This is strictly a govt market. Market is moving on govt news and when there is no news we sell off, and after the news comes we sell off. People think the rally off the lows marks some significant rally. Not really. What it marks is a rally into a very worthless piece of news that will come Thursday supposedly.

It's funny that no one has picked up the story from a few days ago where the Fed said that the bank stress tests need to be modified. Gee, we wouldn't want to have a real stress test where some banks could and should go under, would we?

What rubbish and what a joke! Today was a tough day to trade, I really thought we'd go out at our high of day off the mid-day move and squeeze. We just couldn't get any relief from sellers stepping in late day - again. It'll be interesting to see what shakes here, the futures are down decently, I would look to fade it but from there I just don't know and I will not be around all day for the most part.

I should be able to do more next week or the week after, in the meantime, just remember one thing and one thing only! RULE! RULE RULE!

Still loving SRS post mark to market or if we just roll over here.



In Debt We Trust said...

USD strength is telling us that the rally is just another short covering event. And that the Chinese were bluffing with their noise about alternate reserve currencies.

Jim Murphy said...

Waxie, I plan on dumping all my long stocks and options shortly before or during the vote on Mark to Market tomorrow and purchasing at least 650 SRS and as many options as 2% of the 4 accounts that I've been working hard to build up. Our family accounts wouldn't be where they are today without your amazing direction. Even when your on pain killers, your mind has still functioned perfectly when it comes to trading. Hope to see you next year in the group you invite to tell their success stories. One of my prayers, is for you to get well soon and have wonderful health for years to come! I do plan on holding most of my gold and silver holdings unless they hit doubles tomorrow, then I sell half. What do you think of this plan?

FACTOR R said...

waxie do you still thinking that we will sell off tomorrow ?!