Posted on Jul 20, 2014 by WHC Bassetti.
The pyrotechnics of Thursday and Friday might obscure what is going on. But we should look at those days just briefly. Thursday was a day of professional panic. The pros thought that the Putin phollies might bring the market down. The fact they didn’t testifies to the strength of the market, as does the snap back on Friday.
Posted on Jul 17, 2014 by WHC Bassetti.
Traders have been nervously circling the chairs eyeing other traders in an effort to be first to grab a chair when the music stopped. The music stopped with a bang when Russian separatists in Ukraine shot down a commercial airliner with 295 people on board. Traders are hair trigger creatures. They shoot first and ask questions afterwards. They bailed out of stocks and into gold and bonds.
Posted on Jul 05, 2014 by WHC Bassetti.
In celebration of the nation’s 238th birthday the Dow finally got it together to get through the psychological barrier of 17000. The SPX cooperated by powering towards 2000. The penetration of these levels, as well as the particular configuration of power bars is very bullish. Now that we have said that we should point out that the trans July 4 market has a seasonal tendency to bullishness.
Posted on Jul 01, 2014 by WHC Bassetti.
Obviously we are having a breakout day with the SPX up — at one point — 17 points. The Dow up about 150. We joined the buying panic and bought more UPRO, more QLD, some Euro FXE… to add to our scale in positions in GDX, GLD.