Take out the papers and the trash
Or you don't get no spendin' cash
The stock market's gonna soar
As easing puts the Dollar through the floor
Yakety yak (don't talk back)
Appropriately, Yakety Yack was sung by The Coasters and, as I said to Members on Tuesday: "All this nonsense is probably (just as I said last week) da Boyz taking the roller coaster up to the top before the big wheeee!"
I am trying to get bullish, truly I am but, as Samuel Jackson reminds us: "The path of the trader is beset on all sides by the inequities of the selfish and the tyranny of evil Banksters."
In the name of charity and good will (and profits), I will attempt to shepherd our trades through the valley of earnings darkness but it has been HARD this week as the market is acting as if it doesn't have a care in the World and I am trying SO HARD to go along with it but we are indeed beset by all sides by problems that are NOT going away and I still think that we are in a technical sucker's rally.
Unfortunately, I won't really be able to sing a different tune until I see earnings data that convinces me that we have a reason to move that Must Hold line up to the 10% line – a move we were tempted to make in October, when my skepticism into that rally saved us all from a nasty sell-off – as almost all of October's gains were given back in November.
As you can see from the Big Chart, like an ORGANIZED ballet – all of our indexes are testing breakout levels this morning and, since the Dow is 10% ahead of the Russell and the NYSE – we certainly won't be missing much by waiting for the S&P to confirm 1,297, the Nasdaq to confirm 2,733 and the Russell to confirm 774 before we jump on the technical bandwagon. Even…
