I will be shocked if the DOW doesn't hit 10,000 this week. SHOCKED.
There ya have it, no fuss, no muss, we will hit 10,000 this week on the DOW. What's it mean? Nothing, but it'll make a nice BS headline and give the talking heads something to talk about, that's always pleasant.
Now, it is possible that we don't, of coursee, I just will be shocked for several reasons.
#1 - this close almost always means we hit a solid round # mark like that.
#2 - We have INTC, GS, GOOG, and other earnings this week and they all should be well above consensus. What competition does GS have now? ZERO, they killed everyone else off in the greatest scheme of all time. It makes the Raid on Entebe (sp?) look like child's play. INTC and GOOG are trading like they are gonna blow out. I think it pretty safe to assume we get a further bump baring some really bad news, or if the Fed comes out and says that they are going to support the US Dollar with all their might and stop printing money as though it were cream cheese.
Seems unlikely, doesn't it?
I think its fairly safe to start playing stuff into earnings, or if you are a client, just keep doing what we've been doing. JPM, BAC both report this week as well. So does C which could get a very nice bump as well.
Remember also, Options Expiration week trends to have an upward bias, and either way has a TRENDING bias, meaning it usually goes one way or the other for 3 or 4 days and has a reveral often the other day(s) that can trend as well. So, should be a very nice trading week for us.
If you haven't checked out the Marketcast that I do twice a week, I urge you to do so! I think you'll find it well worthwhile and you get to hear me twice a week live, and on camera (scary as that may be to some).
Also, get ready, I'm doing a new Radio show on; www.chataboutit.com The show is going to focus on SUCCESS and not just stocks (though stocks will be a big part of it). The idea is to discuss and chat about how one becomes sucessful in any and all aspects of their lives, including money, job (if you're happy in your job money is less important, sometimes, I think, hehe), relationships, sex, etc.
I'm also going to be doing a "pitch" portion of the show where you can call in and pitch an idea to me and experts in different fields. So, if you have an idea please email me at - firstname.lastname@example.org and if I like it we'll get you on the line on the show to pitch the idea. Now, before you tell me that you're worried I'll steal your idea, I wouldn't. And, before you are worried about someone else stealing your idea, well, the show Shark Tank is an example of why that isn't a valid concern, really. If you have an idea you need to get it out there and if you get it out there to the right people then we can hopefully help you get it done. If it stays in your head, well, then what's the point anyway?
Email me at - email@example.com with any and all ideas and if you want to be a guest on the show and have a book, show, idea, or story you think will interest others as far as the theme of SUCCESS goes, please by all means email me ASAP and I will see if it fits.
The show will air live from 7 to 8 pm EST every Monday starting in two weeks on, again - www.chataboutit.com. It's CBS's new online radio station and it airs across AOL and YAHOO and is building momentum. I'm very excited about doing it.
Also, keep it on your calander because stock wise we will have things to discuss every show, and I'll point out setups I see, etc. And, I'll try to have cool guests stock wise as well. If you are a stock analyst or trader with a story, email me that as well. I'm open to just about anything that is interesting, so give me a shout! I'll get back to you right away regardless either way.
Very exciting indeed, please do put it on the calenar and send me your thoughts!
RULE and watch EARNINGS, they will provide direction, if we start to sell off all these stocks post earnings it will foretell a market top more then likely. If they keep going, then DOW 10,000 may be just a start! One viewer here noted that AA is now below where it closed pre-earnings. That's very true and we'll see if that trend (well, not a trend, but...we'll see if it becomes one!) continues.
Email me about the show, or anything else!
Michael "Waxie" Parness