Morrning Market Look: We Don’t Need No Stinkin’ Data

esq 301x420 Morrning Market Look: We Dont Need No Stinkin Data

“Be fearful when others are greedy, and be greedy when others are fearful.” – Buffett

European markets are lower, the U.S. is flattish, crude is up, gold is down and the 10 year is around 2.64%.

If you believe that the government is going to roll over and reneg on our debt then go all cash or get short. If you believe this is all insanity, verbal barbing, finger pointing and political jockeying, then you should be buying every dip. That’s my story and I’m sticking to it.

We didn’t have a a jobs # on Friday and the market ripped.. Other companies have stopped giving guidance and they are doing just fine. I say less is more. We have too much info.

Europe is living proof that the market is not the economy ( see $GREK, $NBG and European ETF’s), so think about that the next time your knees are knocking because the $SPX is off 10 handles.

Some hot stocks like $ANGI, and $Z have been taking a waffle iron to the face lately, but other stocks look incredibly powerful. The financials ($XLF) look sick and need to wake up.

$TSLA rebounded after the exploding car incident and $AAPL is holding its own. $GOOG still looks heavy.

There is profit taking in some of the biotechs as the $IBB hit the top of the channel and pulled back.

$GLD looks like a short to me.

Scarlett Johanson is perfectly hedged.

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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.