Archive for 'Letters'

More of the same…

Posted on Dec 03, 2011 by WHC Bassetti.

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By all rights the explosion represented by the last 6 trading days (8.15%)  should be the kickoff for the upward trend — and it may be. But next week Geithner and the European pooh-bahs will be creating meaningless news in Europe, and that news could either blow the markets away on the upside or sink it to the bottom of the Aegean (a sea close to Greece) (too close).

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SPX explosions and the hex of the apex…

Posted on Dec 02, 2011 by WHC Bassetti.

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Several interesting technical phenomena are vying for attention here.  The apex of the triangle is traditionally a resistance point and prices are approaching that point.  Second, a false signal becomes the basis for a true signal in the other direction.  Naturally the breakdown from the triangle was exaggerated and looked to be the precursor for the next recession/depression, Dante’s descent into the inferno.  But the last few days seem to have cancelled that.  Nonetheless (depending on news) we expect the next day or so to take back some of the irrational exuberance.

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Pay attention. Near 3% day in the SPX

Posted on Nov 29, 2011 by WHC Bassetti.

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A near 3% day in the S&P will tend to get your attention.  It got ours and we lifted our trading hedge, leaving us long the SPX. The downwave –up to now — didn’t trip the stop at 1131.

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Making fun of….

Posted on Nov 27, 2011 by WHC Bassetti.

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We were trying to decide who to make fun of today–thinking especially of Friedman and Laffer and other unenlightened economists.  Especially after reading Shiller in the Sunday Times  — who rightly warns of the corrosive effect of long term  unemployment and argues for government programs to address the problem.  Government?  Oh yes that was government that Grover Norcross just drowned in the bathtub.

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The season of giving…

Posted on Nov 22, 2011 by WHC Bassetti.

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We  habitually make a donation to the local Foodbank at Christmas. But contemplating the state of the economy and widespread unemployment we decided to make two donations this year one now for Thanksgiving and another at Christmas time.  We strongly urge our readers to do the same.  We noted on the San Francisco Foodbank site that Visa is matching donations.

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