Hey Seanote, Have you gone on vacation with all that money you have been making? Haven't heard of any trades or market commentary lately. Regards, UKS
I just made it back in the office late this morning. I had strep throat since last Wed and didn't even know it until Sat night. Needless to say I was out of commission the last few trading days. I am just about finished updating my trades for the last two days and will begin with my commentaries and up-to-date executions moving forward.
Closed 5 .SJXQL @ 64.70 + 47.70 points (10:19 on May 13th) Closed 2,000 VZ @ 39.32 + .91 points (15:58 on May 10th) Closed 3,000 CPWR @ 6.37 + .58 points (9:58 on May 13th) Still Open 10,000 PALM @ 3.63 Closed P&L: $27,410 Open P&L: ($9,600) MTD: $39,210 YTD: $198,542
Mid caps rallied off of support yesterday which was just as strong as the last hour rally. GE has broken it's downtrend and built strong support at the 30.50 area. However, Buying Power (demand) was lower than it was on Tuesday, and the Selling Pressure Index (supply) is now at its highest level in a month. Note that the M-3 money supply has slipped to the point where it is now showing zero growth. This in the past has corresponded to many market momentum tops. It's not a good situation. However, with money supply growth now touching zero, the mountains of debt become an increasing burden. On top of their debt, consumers have also taken a beating in the stock market. The one real source of consumer funds is the process of taking out loans against their homes. Consumers have borrowed mightily against their homes and there's no telling where this money was spent. It wasn't in the marekt. If the stock market continues to decline, I believe it could set off negative forces so powerful that the debt structure of the nation could start to topple. If that happens, we will see Alan Greenspan and the Fed move to release a new and even wilder flood of inflationary bank credit. Today and yesterday are definitely short term positives that lead my thinking away from any of this debt toppleing concern, but we are walking a tight rope right now and I honestly do not feel comfortable taking a bullish or bearish position right now. I might play a few stocks very short term but will be mcuh more conservative regarding my overnight positions.
Sorry to hear that, hope you're feeling better now. Glad you're back in the hot seat!!! I have had trouble judging the moves last week and yesterday/today. Unsure whether to go long or go short. So its the sidelines for me. Regards, UKS
Sorry to hear that you were under the weather. But glad that you are back and writing commentary again.
What's funny is I hadn't been sick once in the last 4 years and I've already been wiped out twice this year! No more!