Seven Days

Posted by UpsideTrader
on September 29th, 2011

Walter Payton was the greatest running back I ever saw. He was a class act and a gentleman as well. A book is coming out in a few weeks that talks about his dark years after football. Turns out Walter, after football, ate Vicodin like Pez, drank way too much vodka with them and had Nitris tanks with gas masks in his basement, fully loaded. He couldn’t take the pain from football, all the hits took their toll.

I know people are taking hits because I talk to them everyday. Hedge fund guys, prop guys, sell side guys that still have jobs are petrified. The sell side guys couldn’t hit the ground if they fell out a window right now. They suck at picking stocks and they know it, not much different than analysts, or CEO’s with their own stock buybacks. People that you think would know the most about stocks, know the least.

This tape has a sickness right now, it’s confused and afraid of it’s own shadow. Too much news, it’s a giant Faberge egg. My subscribers have made money every day this week. It has been a freakish challenge.

The economy isn’t the market and stocks aren’t always” the market”. Just look at most analyst”s abysmal calls and do a search on Aubrey McClendon’s $CHK insider buys. $INTC and $CSCO buy stock for a living and price has gone down for five years. This morning I saw the indexes roaring and stocks were blood red and going lower. It was very strange.

There was a rumor today that a big tech fund was on the ropes and was liquidating. Everyone is on $AAPL case, but all it’s doing is hanging around the fifty day moving average minding it’s own business. It will probably tag 430 by earnings and everyone will have remorse for just staring.

The agriculture space is a disaster (crop report in the morning). Stocks like $CF, $MOS, $POT and $AGU have been crushed. Copper trades like it has the plague, and a name like $CLF ( a darling of the street) trades like it has smelted its last ounce of iron ore.

I would really like to see a test of 1100-1120 on the S&P cash to make me feel better about getting stupid long again for a trade. Right now it’s just a choppy mess. The last seven days have been wild and great for traders, but it is exhausting and sometimes fruitless. Cash is cool and you don’t have to be in the market every day. Pick your spots.

But I digress as I address silly fundamentals and that isn’t what I do. I look at things like fear, greed, sentiment and charts. Someday analysts won’t exist and everyone will just subscribe to my site for prescient genius.

Good luck and remember always, you can tune a piano, but you cant tuna fish.

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