Archive for June, 2012

email hacked

Posted on Jun 30, 2012 by .

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bassetti email has been hacked.  don’t click on  links in email from bassetti. stockcharts links are ok.

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Got whiplash yet?

Posted on Jun 29, 2012 by .

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http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p88572661534&a=214966864

We once compared market action to drunk squirrels running up and down a tree.  We’ve decided that drunk doesn’t do it justice.  Squirrels on meth, rather.  But today’s squirrels may be blasting off into a new wave.  At the very least we are lifting parts of our hedge and assuming for the moment that the new upwave has begun.  Of course there is always tomorrow. (or Monday — Angela can always torpedo Europe over the weekend (das boot?).)

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All the arrows point in different ways…what’s it mean? What price glory?

Posted on Jun 25, 2012 by .

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http://stockcharts.com/h-sc/ui?s=$SPX&p=W&yr=4&mn=0&dy=0&id=p23979716543&a=268628380

An interesting technical question is:  Are we still in the aftermath of the break of the Mar 09 trendline?  In this weekly chart we see a substitute long term trendline develop from the March 09 bottom.  That line effectively defines the  roaring bull market we have had since the Mar 09 bottom.  The breaking of that line would be catastrophic.  We could also argue that the October 10 wave low would have to be broken too for the sky to fall.  The long term weekly Basing Point stop line is quite close to that low.

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Gotcha markets. As Keynes would say…

Posted on Jun 22, 2012 by .

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http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p88572661534&a=214966864

Keynes — that iconic economist who is more insulted than honored — aptly said that investing was oftimes a game of musical chairs in which the winner was able to get to a chair before the others.  Yesterday was one of those games –either gotcha or musical chairs.  We are partially hedging some index positions.  This is because of our  theory of hair trigger stops and power bars.  Radical moves in the market are often the explosion that set off the avalanche.

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