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| April 8th @ 8am |
POWER data was perfect as was the EKG yesterday
Power data indicated a sharp retreat in the am, and we got that at 11am.
Today's POWER DATA indicates a drop off after open, which at 8am appears will open higher,
GOVT SHUT down, IMO, very likely as SOCIAL ISSUES that DEMOCRATS fought for many years
will NOT be allowed to be part of this Funding program
IF at noon today, Congress walks out without a budget refinance, IMO
more later
Jay
4 comments:
The breakout numbers for all intents was and is.. DOW 12,400 and S&P 1333
All day long after the Japanese news, the market inched up, pulled back, inched up.. pulled back. With 16 minutes left in the day, what do we see? The DOW and the S&P are below the breakout levels and in danger of closing where the technical analyst people might get worried the run is over. So like magic "here it came".... and where did we close? DOW 12409 and S&P 1333.
The chances of those averages closing on, and just over the important number... by random investors is probably less than one in a billion. Make no mistake .. "they" and by they we mean Bernake, and Wall Street working in unison.. made it happen.
They had rescued the market yet again from what could have been the start of a serious pull down.
Next time you hear some idiot talking about a free and open market, nod your head.. smile, and take comfort in knowing he's not even close.
We're facing a Government shutdown tonight.. but we're green. No matter what the news is.. we're green.
War is raging in Libya.
Japan is a disaster zone.
The Government may be shut down for a few days as a signal that maybe, just maybe we ought to do something right for a change. Chances are pretty good that the powers that be will want to push us up today, and show the world how strong things are.
Obviously the question of the day is this.. Will they shut the Gov't down and if they do.. will it mean anything? Probably not and no.
Don't try and get me into some Republican versus Democrat thing. Both sides stink out loud. They aren't going to shut down the Government, they're simply bouncing their agendas back and forth. The market will love it when it's still functioning on Monday.
upped my S/L on both SLW and GDX.
Still in FAZ, BGZ, VXX (all in the toilet).
UNG did not hit my S/L yet. Don't know if I should add OR just honor it???
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