Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Monday, May 4, 2009

First on CNBC

joe terranova takes a victory lap

21 comments:

Tony said...

I've got some sds now. Call it the Terranova sds position. Also GENZ short.

Eric said...

One would think the market needs some kind of correction.. but a decent one may not come until tomorrow.

Eric said...

I prity much have my Mojo in my ass... but it seems like we are going to for the most part run to the close at this point...

Tony said...

Sure does have a head of steam going. May have to jump on or get out of the way of this locomotive.

Eric said...

damn... it's hard not to fade the bullshit going on on power lunch..

Eric said...

hard not to fade the bullshit going on on power lunch....

my life is shorter every day I have to suffer through "The Call" and power lunch

Tony said...

My hunch is that we just wanted to print a SPY 90 and QQQQ 35.

Now that that is done we can fall back a bit today and close off the highs. I'm sticking with my SDS, short GENZ, short MYGN, various other longs and shorts. INTU should die today too.

Eric said...

watch out for 90.20 on the spy...

I want to hit dennis today...

Eric said...

I will concede your mojo over mine... that is such a huge run...

900 yip out of dennis

Eric said...

probably get a pull back here.. but maybe only for 30 min or an hour.

or it's done...

Tony said...

Kneale's a girl.

I have no mojo. I think your idea of a pb tomorrow is reasonable. Q's are overbought and (as TK would say) that will need to correct.

Eric said...

the sentiment problem is that they are excited.. but they need to hit that "Bigger Level"...

if we can push higher... we will get it..

Tony said...

T.Lo's podcast was spot-on. Tops don't look like Friday's tape; we need a spike higher... she called it.

How much does volume matter? While the sentiment seems giddy on CNBC, the objective sentiment indicators are sketchy.

Over 90% of stocks in both NYSE and Naz are trading over 50d MA. Short term overbought.

But only 35% are trading over 200d MA; the level we saw in Oct 2007 at the high was 60%. If this is a new bull, then we definitely have more to go. But if this is a bear market rally, we are getting to a point where a pb happens.

Eric said...

the ultimate target she has is 95spy..

that is much higher, 3 more days like this.. with no pull backs.

but seriously... seems like about then Trish and Dennis will be fucking... on screen...

all I'm talking about are Maybe small pullbacks...

Eric said...

hey ... what's your email..

Tony said...
This comment has been removed by a blog administrator.
Eric said...

I deleted that so you wont' get spam

Eric said...

srs looks descending now.

Eric said...

iyr is a bit different than the srs.

Eric said...

I hope you saw the upside crash

Tony said...

Yup, upside crash all sectors. Longs did great shorts got crushed, except MYGN... took profits :)

The question now is: where do we go from here? Which sectors are okay and which are not?

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