“It’s deja-vu all over again” ‘Yogi Berra
This is it, right here, right now. I am going to make my best effort here to try and be part of the solution and not part of the problem. Meaning, from this point forward, I will try never to talk about the Twitter IPO. Why? Because I remember the incessant droning on about the Facebook IPO ($FB) not that long ago. The non stop coverage turned me to hard drugs, alcohol, and seedy women. I had to put the suicide hotline on my speed dial and almost went on top of a bell tower with high powered weaponry. I hate night terrors brought on by Sue Herrera shaking me and yelling “FACEBOOK“!!!!!!!!!! I’m puking already with the Twitter coverage, but I do understand the interest, because we all use the product, so everyone feels like they have some emotional skin in the game. But I digress.
The two biggest problems for the market had been Syria and the fear of the Fed. Syria is behind us for now and the Fed is on deck next week, It looks like Summers will get the nod next week and we will get some color on this Taper thingy. This taper thing must be new because I really haven’t heard much about it.
Gold ($GLD)got massacred last week, mainly because there is no inflation and rates are going higher. Why the perma bulls thought this had a shot I’ll never know. But I gets that’s what make you perma. If you can’t change your mind on a moments notice, then you should get the hell out of trading. The world is littered with broke stubborn traders.
Some of the momentum names like $NFLX, $Z and $YELP ht big lateral resistance last week and backed off their recent moves. Normal stuff.
$AAPL got hit hard, but that action didn’t look as “normal” to me. It’s either a great buy because its sitting on its 50 and 200 day moving average, or its heading lower. I’m not playing it except for a quick in and out trade now and again.
Ever since the MACD curled up on $SPX and $DJIA late last week the market is acting very well. As I’ve said, the big boys like $IBM needed to turn and it looks like that happened last week.
Watch the transports $IYT, it will be important for them to make some bullish noise and get back to closing highs. Often ignored, but so important.
The Manning brothers face off on Sunday and the Crimson Tide faces Johnny Football and the Aggies down in College Station. Great weekend for football. Enjoy.
Have a great weekend and come by for a free trial.