{+++} I will try for a pre market video before the opening and I will be on stocktwits.tv tomorrow at noon. I made two video attempts for this evening, but encountered an audio issue, it will be fine in the morning.
We continue to chop around, the bulls look real tired here but the bears haven’t stepped up to the plate to capture the flag. The treasury auction was a lead balloon today and we sell more paper tomorrow, I believe the 7 year note goes to auction. Rates are climbing as a result and TBT immediately exploded higher after the results of the auction.
You all know I think macro and trade micro, but I can’t help but feel this whole house of cards collapses soon. Earnings are barely beating the lowest of bars (all cost cutting), guidance, which is more important than what they did last quarter is lousy, even Chambers from Cisco said today that corporate spending is in the crapper and won’t improve for a while. We have more oil than we’ve had in 20 years because of a deep global recession, even with China supposedly knocking the cover off the ball-their market was down 5% yesterday right after a spurt of IPO mania over there.
The banks are having trouble even though there borrow is at 0%, and companies still can’t borrow money, I don’t care what anyone tells me. Want a mortgage? I have friends with perfect credit that make big wood and and are getting thrown out of the banker’s office. Rates going up won’t help the “recovery” either.
Yes, I have felt this way for two years and still have a strong opinion, yet I’ve tried to be long because that is what the trend has been. I think macro but trade micro, sometimes that can be frustrating.
Anyway I have a quick review of some open positions and oddly, a couple of longs that are a little unorthodox, but I like the patterns. I will see you early. OH, BY THE WAY, TO THE NEWER SUBSCRIBERS, I RECOMMEND AVOIDING THE FIRST 15-20 MINUTES OF TRADING FOR NEW LONGS AND SHORTS UNLESS YOU ARE A SEASONED TRADER. YOU ARE USUALLY BETTER SERVED BY BEING PATIENT FROM MY EXPERIENCE, AND I’VE MADE EVERY MISTAKE IMAGINABLE
