Rod's Account Talk

[Rod]

Loading the Bill up with JUNK is typical, but it isn't right, it's LEFT!!

I haven't read the entire bill, "word-for-word." I'm sure most of them haven't read it either. No idea how much "junk" is in it. I bet there is though, because there always is.

Here, be my guest...

https://www.congress.gov/bill/116th-congress/house-bill/6201/text

 

[mdfiasco]

I haven't read the entire bill, "word-for-word." I'm sure most of them haven't read it either. No idea how much "junk" is in it. I bet there is though, because there always is.

Here, be my guest...

https://www.congress.gov/bill/116th-congress/house-bill/6201/text

I made it through ~25 pages, such torture to read that stuff. I did focus on the corporate bailouts, payments to taxpayers, and loans for small businesses. If this shutdown doesn't kill small businesses, getting them on the hook for another loan will, so I don't like that. A one time payment to the taxpayer, let's be honest guys, that's just a vote-buy and won't truly help anyone for more than a week. The bailouts to various corporations comes with no conditions, so you know the stocks will skyrocket as the corps buy back their own stock. The corp bailouts are not traced (in this version of the bill) so we won't know where it's going anyway. The congress should do better than this and I'm glad the Democrats are blocking the hell out this. On paper, it looks like politicians are paying back their corporate donors. I'm not trying to start a "who's right, the dems or repubs?" discussion, but that bill is a half-measure and our elected officials can and should do better.


In the meantime, drop market drop, I can't wait to watch the market get lower and lower. This is a once-in-a-generation opportunity to buy stocks in the amounts you thought were unattainable.

 

[bmneveu]

Junk that benefits corporations vs individuals. That's right, not left.

There is a lot of both really.

 

[Rod]

Judging by the futures, it looks like Mr. Market is in denial again thinking the stimulus bill will be passed today. I'm not saying it definitely won't. But chances are it will not. At any rate, we were due for that "Turnaround Tuesday." I read somewhere that a Turnaround Tuesday is most successful when a Monday is down at least 4%. Yesterday was not. So, we shall see how the day ends. Just don't get too excited, because we've witnessed how quickly a "rally" can evaporate into thin air.

 

[mdfiasco]

There is a lot of both really.

Agreed. We must be willing to admit that most of our Senators and Representatives are beholden to industry and specific companies, with citizens coming in third place behind themselves.

 

[mdfiasco]

Judging by the futures, it looks like Mr. Market is in denial again thinking the stimulus bill will be passed today. I'm not saying it definitely won't. But chances are it will not. At any rate, we were due for that "Turnaround Tuesday." I read somewhere that a Turnaround Tuesday is most successful when a Monday is down at least 4%. Yesterday was not. So, we shall see how the day ends. Just don't get too excited, because we've witnessed how quickly a "rally" can evaporate into thin air.

With UK going full lockdown and covid-19 on the rebound in Japan, I'm not getting excited for a turnaround today. Is it likely the presidents sentiment of "restarting the economy" is pushing futures up? I can't wait until 1155pm to see what this looks like today. I'm ready to jump another 20% back in, but happy to sit on the sidelines for a few weeks.

 

[Rod]

Good for him!

Tesla (NASDAQ:TSLA) says it bought 1,255 hospital ventilators in China and shipped them to the U.S.

Elon Musk says China had an oversupply of the FDA-approved ResMed, Philips & Medtronic ventilators that the company shipped by air to Los Angeles to help treat COVID-19 patients.

Shares of Tesla are up 6.37% premarket to $461.58.

https://seekingalpha.com/news/3554589-tesla-nabs-ventilators-from-china-in-covidminus-19-fight?utm_medium=email&utm_source=seeking_alpha&mail_subject=tsla-tesla-nabs-ventilators-from-china-in-covid-19-fight&utm_campaign=rta-stock-news&utm_content=link-3

 

[Rod]

I'm with Cramer... too high. Mr. Market is more emotional than a... you fill in the blank.

Don't get sucked in.

 

[Rod]

I'd be surprised if this rally holds if the Senate vote doesn't come before the closing bell.

 

[Rod]

I certainly wouldn't be holding these gains overnight in "hopes" of the senate passing the stimulus bill this evening. It's a 50/50 crap shoot. So, more power to those investors who do not sell this rally. Now, if by chance it does pass tonight, then we could be looking at a 10% - 20% two-day gain. That I would definitely sell by tomorrow's closing bell.

 

[BigTex]

Congrats to those of you who were lucky enough to catch today's rally. Since we most certainly can't time them lately, that is what it boils down to nowadays... luck. So, congrats! I'll simply take my 3.71% gain in my TD account and be happy with that. :beerchug:

I definitely MISSED it. I'm locked in the G fund until April trying to protect what I have left. Should've just stayed the course, dammit!

 

[Rod]

I definitely MISSED it. I'm locked in the G fund until April trying to protect what I have left. Should've just stayed the course, dammit!

That's a different rally from today's. But, yeah. :fing02:

 

[Rod]

Tonight, Cramer was talking about Tom DeMark. Allegedly, he has an impressive track record of calling tops and bottoms.

https://en.wikipedia.org/wiki/Thomas_DeMark

DeMark Analytics

https://symbolik.com/

Cramer said he got a call from DeMark on Monday saying, "They thought it was the bottom" (in video below) and that they expect a 10% - 15% temporary bounce from here. Of course, he got that bounce today. One day after making that call. Now, they are looking to retest Monday's lows.

Now, watch this video of Cramer talking about DeMark:

https://www.cnbc.com/video/2020/03/24/jim-cramer-charts-say-do-not-be-too-exuberant-on-tuesdays-bounce.html

The following are Demark's Absolute Retracement Projections:

S&P: 2,097 (It was 2,191.86 on Monday, 23 Mar)

Dow: 18,183 (It was 18,213.65 on Monday, 23 Mar)

I'll be keeping my eye out for these numbers.

 

[Rod]

Mr. Market is lost... directionless. It knows it must retest Monday's lows. So, might as well get to it.

 

[Rod]

Now, if by chance it does pass tonight, then we could be looking at a 10% - 20% two-day gain.

Congrats to those of you who have received some relief and a well-deserved morale boost from this Bear Rally.:fing02:

 

[Rod]

Oh oh... a lot can happen in 11 minutes... when I posted that congrats post.

 

[Rod]

Oh oh... a lot can happen in 11 minutes... when I posted that congrats post.

And a lot can happen in 4 minutes. How will it close???

Blame the fizzle on Bernie. He seems to be holding up the bill.

 

[Rod]

And a lot can happen in 4 minutes. How will it close???

Blame the fizzle on Bernie. He seems to be holding up the bill.

BIG FIZZLE

Way to go, Bernie...

 

[Rod]

On the bright side, at least the Dow has finally posted its first back-to-back gains since 5-6 Feb.

 

[Rod]

No FOMO here. Patiently waiting for the retest...