No, I haven't been given away as part of the TARP program to some banker to be their trading slave!
Market hasn't really done much of anything, and I just wanted to take a few days off before reranting again!
What can I say? Market has stabilized and is treading water, and for the time being we're in a buy the dip kind of mood. It's funny, I was reading some of the dude they call Dr.Doom, Mark Faber and he was talking about the very same thing I've said. At the beginning of the year I said we would see 5000 UNLESS the Fed devalued currency by opening up the printing presses. And, obviously that's exactly what they have done or we would be below 5000 right now. NO question my friends, none at all. We were at 6600 until they decided to start 24/7 printing money.
I am not going to rehash some old issues I have with what's been done, what's done is done. Needless to say, though, I disagree wholeheartedly with the path that the government has gone down. I think it will lead us to a disaster that is unprecedented in our history. I continue to hope I am wrong. What's even more disturbing to me is that it appears that there is just one mass lie being perpetrated. How come all the data keeps pointing to positive things now, while clearly it's just not true. How come the news reports that more Americans say they are thriving when everyone I know is struggling? There is a big disparity between what the media and government is portraying and what reality is. BIG. And, it's quite disturbing and alarming that we are being forcefed such BS.
OK, so what do we do here? Hell if I know! Hehe, sorry dudes and dudesses, I think we just chop around in a range, a tight one for a little bit and then decide which way we go. My guess is down, but I'm certainly not rushing out to short stuff arbitrarily. I'd rather buy dips until proven otherwise. 8500 continues to be the pivot, though, which is what my topside near term target has and remains, so I think we should get a real dip as the next big move. But, again, I think it prudent to let the market tip its hand before making a bit commitment of capital. I'd rather be safe then sorry, in other words!
OK, it's late and that's it, I do like YHOO here, I think before the summer is over MSFT and YHOO are one and the same. We shall see, but I like YHOO here, using $15 as a pivot.
I will try to post tomorrow. Meanwhile, make sure you are trading with discipline and racking up the Ka-chingos!