Hmm, just checking.
Wheeeee. Nice catch, very very nice indeed! We are ROCKIN' and I must say that I am lovin' spoonful it, to say the least...
In the am GS is next in line to blow out. I guess anything is possible, maybe the FED told GS to miss on purpose so they don't get the public backlash they are about due. Maybe, but probably not. Oh, well, one can hope that people catch on to the nightmare before Christmas that Wall Street has become. Total joke, but what can ya do, other then try to rake in the BIG Ka-chingos! Nada, baby, nada.
It's so cool listening to the talking heads just go on and on about the amazing turnaround that only exists in fiction. Maybe "Where the Wild Things Are" really refers to the analysts on Wall Street. Good thing the movie opens this weekend so perhaps they will stay on screen and away from the boozin' and the losin'.
This rally just keeps chuggin' away in a total confluence of oddity, shock and awe, windows dressing mark-ups, earnings runners and lowered expectations leading to phoney blowouts. Very very cool, very very manipulated and very very profitable if ya listen to the TRENDS.
So now we're over 10,000 and we're off to 11,000, right? Perhaps, perhaps not. It'll totally depend on what the rest of earnings season looks like. It should be interesting for you guys and gals to note that the stocks blowing out are the ones UNDER performing the market. That's the way this works and it should be duly noted. It's better to buy GOOG on INTC blowout then it is to buy INTC on INTC blowout. Why? Because regardless of whether INTC goes to $25 like the booyahheads of the world say, GOOG hasn't reported yet, so the fantasy is still intact that GOOG could really destroy earnings, which they probably will. INTC already destroyed them, so there isn't any excitement. Same with JPM, GS was up a helluva lot more, and even MS was up more and neither of them is a sure thing to blow out (wink, wink!).
So, the key, I've found over the years, is to "front run" earnings. Get stuff before everyone piles in. Not after.
Watch IBM and GOOG. IBM almost always crushes, but the stock is up sick, so is GOOG which days ago was under $500 and is now rushing toward $550.
It's interesting, or warped, that many stocks are either close to or over (JPM,IBM,INTC) where they were before the crisis hit. It's as though it never happened, as though their businesses are actually in better shape then they were pre-meltdown. It's ridiculous, but this is why we have an edge.
Just remember, as always, it's all BS and the best thing you can do is remember that - it's all BS!
If you do that, you can make money in the market. If you don't then you're just another victim, a statistic since most investors lose money in the end. Don't be one of the dummies, please.
See ya on the other side of dumminess -
Michael "Waxie" Parness
*If you have any Yankee tics please email me, I'm interested - firstname.lastname@example.org