Breakouts coming? Bernanke idiocy. And ask me anything.
Two random Trader Thoughts of the Day:
1) Take a look at most any stock chart, especially in tech, and you’ll see that it spiked to start the year, peaked in March, dropped hard, baselined and now is headed up towards that March high. I’m no chartist, but feet to fire, I’d expect that if a few stocks start breaking through those highs, especially the high-profile mega caps like Apple and Google, that the markets would “break out” to the upside. There are still lots and lots of shorts who are staying aggressively short out there and that alone would provide some serious upside break out if they were forced to buy back those shorts into a panic.
2) Headline from today, which you’ll hear discussed on TV by the talking heads as if it matters:
Bernanke Says Student Loans Won’t Cause Crisis
I’d like to think that the Student Loan Crisis won’t matter. But if Bernanke says it won’t matter, then it probably will. I mean, that guy has a long history of being remarkably wrong about everything anytime he pontificates about the future:
Bernanke: There’s No Housing Bubble to Go Bust
Oct 27, 2005 – Ben S. Bernanke does not think the national housing boom is a bubble that is …
Housing Cool-Down Is ‘Orderly,’ Fed Chief Says
May 19, 2006 – Bernanke said the slowdown is “moderate” and “orderly” and pointed to the overall …
Bernanke Believes Housing Mess Contained
May 17, 2007 – In March, Bernanke had said that the problems in the subprime market would only … Because of the great demand for mortgage-backed securities in the last few …
Fannie And Freddie Are Fine, Bernanke Says
Jul 16, 2008 – Fed chairman says government-sponsored mortgage agencies are in no danger of falling.
Bernanke: No Recession On Horizon
Feb 11, 2009 – WASHINGTON — Federal Reserve Chairman Ben Bernanke said Thursday that the USA will avoid a recession, but that the outlook has deteriorated.
Bernanke Sees Recovery Beginning in 2010
Mar 15, 2009 – But Mr. Bernanke said — in a rare interview — that the economy’s problems are ebbing…
Got the point? I mean, this guy couldn’t be more wrong about everything if he tried. Which brings up the point once again…why do you care what these bureaucrats here on in Europe say about anything? They are idiots at best and something much more sinister at worse.
And don’t forget to meet me for this week’s Live Q&A at http://tradingwithcody.com/chat at 2pm EST where you can ask me anything. Likewise, you can send me an email with your question about anything at all to support@tradingwithcody.com and I’ll include it in this week’s transcript.
