Bullitt's Account Talk

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RPM: Front page of the WSJ was where I read it but it was posted on nearly every blog I read as well. I even remember seeing it on NBC nightly news. Before open yesterday, S&P was down 10.1% from October highs.
 
Tempest said:
If Abu Dhabi Investment Authority is Bullish? Well.....
Click to expand...

Yeah they've gotta see something they like at C. I guess since they were denied that port deal they're going to infiltrate American infrastructure via alternative vehicles.

Personally, it's time for Americans to get ready for more of this kind of thing. Big money overseas (or even north of the border) has to have some kind of shopping list of companies they either want to take over or put a stake in. Think of how much more 'valuable' foreign investor's cash has become in USD's recently.
 
Nasdaq Short Interest Climbs 1.6% for first half of month after tech selloff.

Yeah, how's that working out guys? Looks like it's working out even better for the folks who bought puts in C at the 30 strike price yesterday. I don't have a problem with short selling. I've said before that I consider the smart ones the policemen of the market and that I plan on getting into it someday when I've got more time on my hands. I've always admired the trading style of Jessie Livermore.

If you're gonna do it, do it when everything is roses, not when things are so bad it's obvious. It's kind of like the opposite of going long when things are bad. Oh well. I'm expecting more panic buying in the days to come- and that's not a bad thing if you're long with a good cost basis.
 
How about an old fashioned panic melt up. The sovereign wealth funds better shake it some. They appear to be the value seekers.
 
Tempest,

Thanks for the link. Great read.

1. Forget the dow theory
2. Higher highs, lower lows in NYAD
3. ROC is synchronizing for the next leg up
4. Record buying by insiders

"By backing it up one more time in November, the ones who missed the boat at the August low were allowed to jump aboard at roughly the same price levels and even a better valuation level."

Financial Times, they're up there with Minyanville on my list of end of the world bearishness publications.
 
I'm expecting Mr. Market to fill his gaps this week before that Jobs report. Of course being The Great Humiliator that he is, I'm not going to bet on it. The Indexes in general are setting up for some big moves in the next week and a half, and I really don't see any reason to try to guess which days they are going to be.

Now Metlife, which was proclaimed as safe from any bad mortgages, is taking a hit in the subprime writedown arena. I thought everyone was expecting these kind of things to spread, so what's the big fuss? LOL. Come clean and let it all out so we can move on.

I heard hedge funds are going to book their worst month (Nov.) since 2000. Looks like Eddie Lampert is making some money today though.
 
Today's the reason why I'm not going to try to guess which days are going to be up or down. Who expected this today? The Great Humiliator doesn't care who's long, short or expecting what. Unless something major changes in the course of today's activity, this will be the official market FTD. In other words, plan on this market surging higher in the weeks ahead.

I still have faith in the bull even after it's 3 failed rally attempts in November alone. I've had my mind set on being one of those that can be right and sit tight in any market condition. As long as the 5 year trend is not broken we're in business. Don't get too caught up in waiting for trend lines, resistance or moving averages to break thru. If the price is right pull the trigger when you've got the chance. For every upper trendline or area of resistance that gets broken, chartists will always find another one ahead.

My bias has been the same since we touched 1410. I don't think the past week of rallying has been a head fake. There will be more upside to come. Remember how much the short interest rose in the Nazz after the first half of November.
 
On average, the market has rallied more than 30% within 12 months of the second Fed rate cut. Now comes number three for both the discount rate and funds rate. More rate cuts than two were needed in 1994. This market is screaming higher and no resistance or trend lines are going to stand in its way. There is the possibility that we are about to witness the mother of all short squeezes in the broad market - one can hope.
 
Opportunity is there for the big boys to flush out the weak short sellers as we're sitting above 1490. If there's going to be 200 points worth of panic buying, now's the time to make it happen. Volume is still lagging but a flush could raise that number quite easily. The squeeze is on.
 
Santa melts the snow! I'm gettin' giddy -- may be time to sell. But, the MACD on the index charts and tech leaders are not even approaching overbought conditions and still have a lot of room on the upside... a lot.
 
Sell? Plenty of upside to go and millions more to be squeezed out. Hedge Funds have deep pockets and they're gonna try to play this breakout cool for now. Just sit back and enjoy the show.
 
I'm in full agreement Bullit...Just sit tight and enjoy the ride. I think we still have an overall upside through next Tuesday...then I'll reevaluate...but I'm thinking the trajectory of this market is solid through the end of the year..we may make that 14000....if oil can stay down, and no major negative surprises..

FS
 
Short Squeeze in progress, Santa rally usually starts mid December, Fed looking to cut rates, Oil dropping like a rock... Good times to be fully invested in the Stock Market and not a time to pray for a pullback. More panic buying ahead as everyone is going to want to take part in the Christmas Rally this year.

My orders all got filled in my personal account this morning as I'm playing the breakout. Volume might not have been where we'd like it to be today, but price is all that really matters. Besides, the market gapped down at the start and finished higher. That alone is a sign of a strong day.


I don't follow Elliott Wave analysis, but I like this article. Basically, oil should continue to plummet. It was only a matter of time.
http://www.marketwatch.com/news/sto...x?guid={2A6805E4-F1B4-47AD-9462-DB6703ADF570}
 
Looks like the investors/traders that missed last week's moves are getting their proverbial pullback wish today. The question is, will they step up and use it as the buying opportunity originally planned or will the fear strike deep within causing a panic sell?

Morgan Stanley just became the first investment bank to predict that a recession is looming. Morgan, Merrill, Bear and Lehman shouldn't even be allowed to downgrade or speak negatively about any aspect of investing until they clean up their own act. If they are looking for something to downgrade they should start with themselves.

Think about how many billionaire fund managers are now getting coal for Christmas because they planned on the fed bailing them out with a 50 point cut. :laugh:
 
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