It Just Got Too Busy; Extremely Dull Session Has Some Bullish Action Underneath
May 28, 2008
Weill this has to be quick as the chat room was too busy and I spent a LONG time writing up a nice piece that I would appreciate all members read that are subscribers to at least the silver level. The writeup on the long section will hopefully help some of you to understand why it is 100000x times better to learn to fish than to just take the fish fro free.
Now I am dead tired, just updated my orders, and still have to hit my forums. But what I can tell you here is that I had a few very nice stocks bounce off key averages or trendlines that could be very bullish on the short term to possibly the long term.
I also loved the fact that the put/call ratio stayed at .94 above the .90 level which signals that most are still wanting to place as many bearish bets as bullish bets. Take that with the NYSE short-interest at an astronomical 14.19 and you have a market that people love to hate.
Then you have Buffett saying that a recession is going to be deep and longer than ever. Yet I still have not seen one GDP quarter below 0% yet. What planet is this rich lunatic living on? Oil hurts, yes. But soon we will take action to reverse this affect. Sooner than later, you can be sure or thtat.
But no matter what I hear I try to use my charts as my guide. They all look like they want to rally. I don’t care how logn they rally as I will go along for the ride up and the ride down. But when you see stocks moving like PDO and MXC you can be sure that even if things are hurting at the pump, a little bit of investing skills can take care of all of that. Those that went long PDO with me and better yet took the other MXC high-tight-flag pattern have just taken care of the cost of oil for the rest of the year. It really is a stock pickers market.
Nothing on Monday changed the outlook on the market, so I guess I had another good day to have an MS attack. It was one of my worst ones yet so the low volume helped. But remember not even that can keep me away from doing my job. That is why if you are a subscriber you can go to the shorts, longs,and forums and see that everything is updated.
On that note I am going to end my nightly review. Remember,things are not that bad and when everyone thinks the sky is falling it might not be the case. Especially when all my longs are stopping RIGHT at the 50 DMA. However, this is the final line in the sand and if the majority of these longs do not bounce, they will probably be either sold or partially sold.
I really hope that these attacks can go away. If the surf can start to get better on Maui I will be able to get out on the ocean and when I do that it drops my body temp down a lot for a long time. Surfing is very good in more ways than one. But when there are no waves, no matter how cold the A/C is I suffer. So at least I got this much out. Thank you EVERYONE who kept me in your prayers. Thank YOU!!
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Don’t forget EVERYTHING in the subscribers area is updated and I also have a column that I posted on seeking alpha, straight stocks, and istockanalyst you can read. Remember, the more you vote, the more I can write.