Tuesday, July 14, 2009
Asia is up tonite, very hard, Japan & China about
2.4% each. HMM, now lets see if that wave collapses into the Euro market later tomorrow AM.
Smoke and mirrors will be the order of this week and its earnings season charade
Note MR. NASTY, [ green line] above chart, refuses to lie, and tells you that, overall, funds are leaving the market, in spite of the valiant rear guard action, with the accompanying smoke and mirrors. The sharp hils and valleys, instead of the long ups and downs, attest to the schizophrenic nature of the market, being pushed and pulled in different directions by overt intervention.
When the scans reveal widely varying groups, moving similar or disparate ways, it adds the "Hindenburg Omen" flavor to this potpourri of a market.
Tonites scans, for instance include LYV, GSI, KEY, CEF, AZK, SWC, TIE, RRI, HIL, ANV, IMO, MTO.to, GPR.to, SGF.to, AEI.to, CLM.to, BAA.to, IMG.to, JAG.to, NDM.to, PCA.to, SVM.to, QUA.to, setting up for potential trend reversals.
I say, ABC, Always BE CAREFul. Keep your powder dry, speculate smart and stay aware.
As it grows late, I shall take my leave and sleep well.