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These markets and the willingness for traders to risk paying up for higher prices in the near-term is likely to be driven by the newsflow out of Japan. Regardless of the near-term multiple/risk appetite of the market, let’s remember the lessons we discussed about why we should pretty
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The broader markets are trying to hold steady just barely down on the day after having started the day just barely up. But those indices are hiding the ugly action underneath, with lots of stocks down 3-5% and breadth stinking too. Work those buy orders slow and/or look to
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A flattish open! Stop the presses, it’s been a long, long time since we last had a flattish open. Well, it’s been a few days at least. At any rate, it feels a bit slippery out there to this trader and I expect the path of least resistance
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The days just come and go in a hurry as we sit here staring at these blinking lights all morning and afternoon, don’t they? Look at any intraday chart of any major stock index and you’ll see the same pattern I mentioned earlier about how the stocks seem
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One unmistakable pattern in the markets the last couple weeks — where they open, they pretty much close. While we’ve had our fair share of 1% intraday moves since I started trading again, we haven’t had a full intraday swing from positive to negative or from negative to positive
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I shorted some XLF, an exchange-traded fund (ETF) that represents a bunch of financial, mortgage servicers that gets me short the TBTF, bankster stocks that are somehow still receiving “emergency” welfare and interest rate loans from the taxpayer and are now going to start literally transferring some of that taxpayer
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Big moves across the board in most of our stocks this morning and the market breathed a sigh of relief that Japan isn’t any worse than it is. We were buying aggressively at lower levels and our portfolio shows that relief today. I’m probably going to work to
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It has been a very volatile trading session as expected this morning. There was no Oomph since the open. I didn’t do any trades today and I’m going to go fishing instead. Remember to enjoy life and I’ll see you guys early this Monday.
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Another strong rally to start the day but once again it feels like there’s to be little oomph from here to the close. I won’t be looking to force any trades today but there are still a couple new names that I’m looking to buy, so we
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We never did get much of a lift from the opening pop, though the close was indeed rather strong. Things can change in a heartbeat, as always, but it sure does seem like the market’s path of least resistance is higher, if we can avoid more traumatic headlines from
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It sure looked like we were going to fade all the way back to flat or down on the day there for a while, but the market has stabilized as the contra hour starts. I’m not pulling any triggers this afternoon. On another note, doesn’t it figure that
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I’m following almost the exact same playbook I’ve been outlining for the last year. Despite the pullback they were already in, and despite the heart-wrenching tragedies and worrisome radiation threats from Japan, the broader stock markets have hung in there, down only 5-10%. Meanwhile, many of my favorite
