Wednesday, September 23, 2009

Test here...

Look for a gap fade assuming we get one either way. Usually FOMC week the day after follows the day of, so a gap up is definately fadeable short in my opinion.

That was a wicked selloff post FOMC, it'll either be a one day wonder or a more extended move down. Its interesting here since we're a week out of end of the quarter, but have that weekend in a couple of days so anything can happen here in front of that. The wicked selling could be ominous that the Emperor finally is starting to realize it has no clothes, or...just another buying op!

Thanks for the comments about last nights post. I'm tired late at night, what can ya do if I get a little dark sometimes, but as always I appreciate the comments, even if they don't agree with mine. Hey, that's America baby, and that's why ya gotta represent.

As I write this futures are muted.

Big IPO coming today as well, AONE. It'll be interesting to see what they open it at. If it opens reasonable its a good buy, but more then likely it'll get bid to kingdom come. Best would be if we had a really down am and it came in the midst of that, get a decent open and I would buy it and see if I can catch a few points. Otherwise will just sit back and enjoy the fireworks!

In the meantime, make sure you protect your gains here, folks! You been warned! End of quarter sometimes starts a wee bit early and while I can still see us hitting 10k here shortly, I wouldn't be shocked if we saw our peaks for the moment either. Yeah, I'm non-commital here, I'd rather just be nimble.

There's a Chinese stock I like and own small that is under accumulation it appears. I'm trying to get some more info and will tell clients as soon as I do, but so far what I know I like it a lot...stay tuned!




Jim Murphy said...

Thanks Waxie. It's nice to see your blog back in action. I pray your health is still improving and your able to continue sharing your thoughts with us. Sounds like today's direction may let us know which way the market is heading. Since "the market can stay irrational longer than we can stay solvent", it's very important for you guys to keep us out of the traps, when it tries to trick us. I plan on stopping out longs under the 10 period simple moving average now around S & P 1058 and adding to shorts since we have gone up so long without the market breathing. Please advise if you have any reservations with this idea. Thanks again for all the support you provide. Some of the plays lately have seemed so aggressive that I decided not to play them. Like playing the RIMM 80's with 2 weeks prior to option expiration and the price on $77. The $1.35 looked like it might wind up a $0 and the risk/reward seemed too scary. However, now that the option has probably traded over $5. Waxie is back and right on. It's still nice to see your ideas still work even if I'm just watching. Congratulations!!!

Rich said...

Nice call on the market today Waxie. Caught some nice ES kachingo's on that.

A belated welcome back also!