Shorts are wayyyyyyyyyyyyyyyy stupid than when their moms brought them to the world. They never learn. They were given months and months' chance to cover their aass, they just live at the street corner of their foreclosed houses cursing, crying, ranting.
Dare I pump one stock pick? GRMN This shit will rocket to $80-100 again in 6 months. Reports Q2 (Jun) earnings of $0.83 per share, excluding non-recurring items, $0.32 better than the First Call consensus of $0.51. Only 163% what's the street's estimates, during the worst of consumer spending / car selling in 100 years!
It's this type of brazeness and cockiness from retail investors that makes me question the viability of this rally. I'm definitely not short equties, but I do question this deal with all the twits calling the new bull rally. See where you fit into the market's emotional cycle here: http://network.nationalpost.com/np/blogs/wealthyboomer/cycle-of-market-emotions-1.jpg
2000 = Slow and systematic down trend with corrections on the way down. Now = Massive irrational down trend Current recovery is a corrective move to normalize what happened in SEPT/OCT.
Ok well ol grimey hasn't made a fade call in quite awhile, but with the plethora of dumd money starting to post again, and good ole stocktraders recent uptick in posting again here we go. Begining sometime after 11:30 pst I will begin to get out of my positions and shorting the spoo's plus some short etf's. My stops will be in the 3-3 1/2 percent area and I will be looking to begin covering in the low 900's. Besides fading the aforementioned elitetrader "pros" my catalysts are the following: earnings just about done, every index is pleading to shed some of the overbought conditions, no volume, and good ole september right around the corner. Today also seems a nice setup for one of my favorite setups; no real conviction to go higher, shitty volume, and a sell the news summer friday. Ok that's what I will be doing, now let's have a barrage of "I'm an idiot" responses to let ole grimey knows he is on the path to a nice return! Let me have it all you "pro" traders!
Why won't the world dump everything else to exit the housing market that has yet to bottom in Spain, or the bubble in BRIC?
If you're a swing or position trader, just avoid all the permabull/permabear arguments and focus on the only two important data points today: 1) Where the S&P 500 closes (above/below 1000) 2) Where the Nasdaq closes (above/below 2000) Major psych levels (triple 000) being tested for two indices--this doesn't happen very often. Of the two, the Nasdaq is more important, since it tends to lead both rallies and corrections. Both will probably toy with these levels a bit longer, but there has to be a strong up/down break soon. Weekly closes are pretty significant...