Everybody Gets One

 

The Greeks said they didn’t need a bailout, they lied and got one, Spain as recently as last week lied and  said they were just fine, but grabbed a one hundred billion bank bailout this weekend, (they will need more and will get it). Italy is now saying they don’t need a bailout, they will be rubbed with extra virgin olive oil soon. Spain got a little cash, but they will need more and they will get it  Ireland is in the rear view mirror. Portugal will be like Ireland and they will get their own band aid soon. You don’t hear much from Ireland lately do you?, It’s back page.

Is everything fixed? No. The crash will be magnificent, just not yet. They all lie and still get a handout. Expect this behavior to continue until we all run out of money.

Watch the white downtrend line on the chart below, a break above will take us even higher. A break of the white uptrend line could bring issues to the downside. The range that we are in now is very tight and getting squeezed.  I think big things are going to happen either way soon. The trend lines lines are highlighted with red arrows.

spx90 300x197 Everybody Gets One
S&P 500

I put $AAPL on for subscribers as a long on May 1 at 536. I like the action. The stock is consolidating and looks higher. The stock, like the rest of the pack can’t do it with out the market at it’s back, but I see this one much higher soon.

aapl14 300x187 Everybody Gets One
AAPL

 

Joe Donohue

Joe is a full time trader with 25 years experience. He is a senior contributor and investor in Stocktwits and has been seen on CNN Money and quoted in Marketwatch, Forbes, Reuters, NY Times and Wall Street Journal.