The Morning Morsel

Posted by UpsideTrader
on March 31st, 2010

“Every normal man must be tempted at times to spit on his hands, heist the black flag, and begin slitting throats”– H.L. Mencken

The Ides of March came and went without much fanfare. Today is the end of the quarter and believe it or not, earnings will be upon us again in a couple of weeks. So where does that leave the market? We will certainly see the “sell in May and go away” crowd resurface in a week or two. It’s good theater and also fun to debate the future, but Mr. Market cares nary a wit what we think.

The short sellers are standing by wounded, but liquid as all get out, and no, all those hedge fund cash inflows aren’t just to BUY stocks. Is a crescendo building before we have a massive can of whoppass bestowed upon us, topped off with a healthy dose of reality? I had one down day in March and it was a blip-that AIN’T normal. Everybody’s a bull market genius and that breeds complacency. Complacency in the market can be as dangerous as spring break in Kabul.

Maybe we’ll just go strait to 1250, but tight stops. Very tight.

Wednesday, March 31, 2010

Economic

08:15 March ADP Employment Change

08:30 Canada Jan GDP

09:30 Brazil Feb Net Debt to GDP, Budget Balance

09:45 March Chicago PMI

10:00 Feb Factory Orders, March NAPM Milwaukee

10:30 DoE Crude Oil/Gasoline/Distillate Inventories

12:00 Colombia Feb Unemployment

Events

12:30 Fed’s Lockhart to speak on employment. 12:30 Fed’s Duke to address bankers in Arizona. 07:00 MBA Mortgage Applications. Trades Ex-dividend: CPB $0.275, KIM $0.16, LTD $1.00.

Earnings

Before the Open: APWR, AYI, BPZ, DG, FTK, LNN, RAD, HEAT, UNF. After the Close: ANGO, DMAN, GPN, BLUD, MOS, OMER, RIMM, RECN, RINO, XRTX.

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