As of 13:16:51 > VERY weak day technically! Advance/declines 700 negative on NYSE,500 on Nasdaq!!! Yet small stuff flying around could be read either of two ways (1) Last frothy stuff is flaming out rest of market broadening into a megaphone top. (2) Market shift away from safe and into tech and small tech. We shall see.
apex the last few weeks is in the rear view I'm trying to get you ready for the next few! It was as if someone rang a bell at the end of the first hour of trading, and suddenly, the semiconductors took off, and the commodity complex nosedived... So far, despite the selling pressure in oil, gold, etc... no serious technical damage has been inflicted. If you HAD to raise cash today I'm not against it. Despite the DJI pushing all time highs & NDX +11,market breadth is still rather poor with NYSE adv/dec NEGATIVE by 325 issues, Nasdaq by 200 >SI
Well I've got a cramp or something that won't go away... getting physically sick is usually prelude to a market correction. I'm certainly not calling for one yet but one thing to keep in mind. The market may seize on a little known meeting tomorrow between the US & Iran. I doubt they are talking face to face but my sources tell me we may be giving in a little tomorrow to certain of their demands. The market very well may over celebrate this Oil may be DOWN SIGNIFICANTLY TOMORROW! AND STOCKS MAY GO VERTICAL! That in itself will draw in the retail investor but it will also handcuff the fed. he won't lower into a raging market... All in all It's all in on tech for this last run I think IBM EXXON and the rest of the big dogs are done. ~ stoney
I think we're having our usual couple of days of consolidation after a big rally and we'll soon be heading higher.
-Starting to chase stuff -sent the following email to my handlers today: " I'm so mad I didn't buy those two stocks- I am paying WAY to much attention to valuation again in the thrust of a bull market!" .... These are two examples of stonedinvesting thought processes that - if history is any indicator - usually lead to a real correction. ~SI
Well I got the Iran US story a day early let's see if they can hammer out something by today! Iran, EU continue tentative nuclear talks Financial Times News Iran and the European Union continued tentative negotiations on Thursday over Tehran's controversial nuclear programme, but each side remained cautious about any progress made. The talks, held in Ankara at the invitation of the Turkish government, are in their second day. They are the most serious attempt for seven months to seek to break the international deadlock over Iran's nuclear ambitions. Iran insists that its programme is for purely peaceful purposes, but the EU and the US suspect it of seeking to build nuclear weapons. Tehran says it has a right to enrich uranium, a process that can produce both nuclear fuel and weapons grade material. The United Nations Security Council insists that Iran suspend such activities. Javier Solana, the EU's foreign policy chief, and Ali Larijani, Iran's chief nuclear negotiator, held talks on Thursday that were expected to continue into the afternoon. The two sides held several hours of talks on Wednesday, without any clear sign of a breakthrough. Mr Solana remained cautious on Thursday. "The fact that we are again together is a very important development," he said at a news conference. This appeared to suggest that the most immediate benefit of the current meeting is that it is taking place, rather than achieving a concrete aim. He said formal negotiations had not started, and that today's meeting was an attempt to move towards that goal. Mr Solana is representing the five permanent members of the UN Security Council â the US, Russia, China, France and the UK â and Germany at the talks. Mr Larijani sounded more positive. "In some areas we are approaching a united view," he said, without being specific. "We are aiming to reach out for a common paradigm to solve this problem." He indicated on Wednesday that further talks could be held in about two weeks. The UN has imposed two sets of sanctions on Iran in recent months for its refusal to suspend uranium enrichment. The EU imposed further sanctions on Tuesday, targeting companies and individuals. Iran is facing another UN deadline of May 23 to suspend its uranium enrichment or face the possibility of further sanctions. Commenting on the talks ahead of a Nato foreign ministers meeting in Oslo, Condoleezza Rice, US secretary of state, said Iran could not be allowed to practise enrichment and reprocessing "because if that's what they're doing you get better at it over time â at the same time that we are in negotiations". She added that the US would back a suspension of action at the UN if Iran halted uranium enrichment. "If Iran is prepared to do that, the US, President [George W] Bush, is prepared to reverse 27 years of American policy and sit down face to face with the Iranians, with our allies, to talk about how Iran can have civil nuclear power without a proliferation risk," she said.