Monday, September 25, 2006
Heck, this market could care less about fundamentals. Consider the recent run in the homebuilders, despite the bad numbers, then stick your head in the freezer and slam the door shut.
The thing that annoys me is how wrong the delightful dip buyers are. I'll bet my head versus theirs, the semi's roll into the third quarter earnings season with 2 legs, 2 arms and a head and roll out with just one-big- stupid- head.
UPDATE: PMCS warned after the close.
UPDATE II: AVID warned.
UPDATE III: MERX warned.
UPDATE IV: LOW warned.
NOTE: Today, I will not run my most up/most down screen in protest of market stupidity.
Today was almost guaranteed to be an up day. First the history says that the last week in September is generally robust. Second the indices all turned up Friday late. Third the VIX is neutral relative to its 10 day moving average(and I don't give a shit that it's 10 20 30 points less than where some asshole thinks it should be. The fact that its at some mystical low point simply says no fear folks). Fourth the up/down ratio was in the low 30's off Friday's performance. Fifth the new 20 day high vs lows favored lows for the first time in about a week or so. (When lows are favored the dip buyers come out - think you can figure out why). I could go on but all of that crap and then some rolled up in a little ball says "up day comin' be happy be happy."
Sorry about your shorts but I think you're more pissed about TUG than anything else that's going on.
Oh well my gin meter is pegged so I think it's time for a martini. Have a better day tomorrow, Pal I really enjoy the log.
Right now the yield curve is inverted and the bond market is pricing in recession. So, just because the rates are low, doesn't necessarily mean that's a good thing.
nicely said. However, you do know, since you have now declared yourself a "dip buyer," you are now my mortal enemy.
Besides that, have a good drink or two and see you tomorrow.
Seriously, even though I can't get excited about Tech, I'm starting to believe that we saw the September selloff a couple months early. If the Fed is done, what can bring down this house of cards going into the holiday season?
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