U.S.S New York-built from the World Trade Cenetr

The ninth anniversary of the 9.11 tragedy is two days away. Here is a great picture if the U.S.S New York, built entirely from pieces of the World Trade Center, notice the twin towers.

The bulls whipped out a can of moxie yesterday and shook off European worries for the day and took things higher. Most sectors participated and the financials (XLF) rallied back from their pathetic behavior the day before. Material’s and mining (XLB & XME) acted better, but not great, but both ETF’s look to be on the verge of a breakout on the daily charts. A weakening dollar would help the break out possibility. This is also the area where that effort could be turned back.

The 200 day moving average resistance at around 1113 is fast approaching for SPX, so that is where we could run into some difficulty. Another sell order got slapped on RIMM this morning. There are many sell orders on RIMM now. Contrarians love this stuff, I’m not so sure.

Yesterday was a phenomenal day on the Premium Site with 12 winners and zero losers that were either partially or totally monetized. Almost all of these were held for less than a week and 20 out of 24 winning trades for the month of September.

Some names from yesterday include: AMLN +5.2%, DTV +3.4%, ADTN +2.5%, AMT +2.1%, TIBX +4.8%, KRA +5.3%, GMCR +3.3%, HLF +1.6, NZ +12.0%.

If you would like a copy of September’s P&L just send me an e-mail.

Have a great day. I will be live on Stocktwits.tv today at noon.

Larry Ellison

Larry Ellison gets to smile that satanic smile, Mark Hurd gets even richer and HPQ cries like the kid on the playground who got picked last for the hoop game. Hurd has all kinds of nifty secrets about HP and Ellison is all ears. I’m sure Mark and Larry are on his multi- bozillion dollar yacht right now chatting trade secrets. HPQ is incensed and probably wishes Hurd was back at the company. The lawyers, as always, will have a field day.

Our market took a beating yesterday as a result of the ‘renewed’ Greek crisis. Europe is in the first quarter and is down by three touchdowns in my humble view. Europe and the IMF are asking “just how much crap is buried” this morning. Ireland is right behind them while Spain just ticks away like a time bomb.. It will all end badly, it’s just a matter of time.

Asia was spanked overnight, but Europe is off the lows, and our markets so far this morning have shaken off yet another round of global uncertainty.

There were about three rumors late last night about who would buy Potash at the $185 level. So far this morning there are no higher bids, but the story gathers steam by the day. It will eventually get a higher bid. That whole need for food thingy is more than a fad.

Tech was pounded yesterday and the banks showed their true colors and folded like a pup tent. These groups need to lead or we will see a train wreck in this market. The bulls have a chance to turn it around today.

My Premium Site had more fun than a bunch of Greeks at a cradle to grave party yesterday. Yesterday we took some gains on some names that were roughly held for a week or less: BVF +15%, KRA +2.5%, ARUN +5.3%. We have only taken 3 small stops out of 15 names so far in September. If you would like to see performance or have questions abut the site, please e-mail me.

Earl from space

Last week’s flight to safety theme continued to drive markets early in the week, but risk-on trades picked up thanks to a series of constructive US economic data, culminating with the mildly positive August payrolls data on Friday. The improved tone in markets began with Tuesday’s August Consumer Confidence reading, which beat expectations and rose slightly over July’s reading. Then on Wednesday the August ISM Manufacturing numbers came in very strong, including the 9th consecutive month of growth in the manufacturing employment sub index. An ISM official noted that “major restocking” is still underway, raising optimism among manufacturers. On Thursday the July pending home sales numbers were much better than expected, contrasting sharply with the weak July new and existing home sales data out last week. The August payrolls report was much better than expected, and included significant upward revisions to the June and July numbers that made the summer’s employment trends seem a little less dismal.

The Dow was up 2.9% for the week and pushed its way into the black for the year. The S&P held the 1040 level like a champ last week and we now know, that is the new support level to watch.

We had an explosive week on the Premium Site last week and had more fun than Bernanke with a new printing press. If you would like to see last week’s performance returns , please e-mail me.

Enjoy the links and have a safe and fun three day weekend.

Is Joe Sixpack out of the market…forever?

Maybe mutual fund cash tells the story.

Look who’s on top.

The guy who walked away from his house.

Rally winners

Berkowitz and Fairholmes success.

China VS. India

Obama’s new digs

Venture in the Big Easy

Taxes and the 97% fallacy

Under employment at 18.5% for August

Love shack

Hawking and the God debate.

Brad Pitt wants the death penalty for Tony Hayward, now John Cusack wants Satanic” death” for Republicans.

Where the jobs are.

My Thursday Stocktwits.tv gig.

I said it then, and I will say it again, banks are kicking the can down the road in Europe and here in the United States. Yes, I know, Ireland is only 1% of Europe’s GDP, but Greece is only 2% of Europe’s GDP and look at the ruckus they started.

The latest bank in Ireland tat could flop is Anglo Irish bank. Anglo Irish reports this morning that they will need $32 billion and that number seems to rise by the day. This bank is also 2/3 of Ireland’s tax revenue, amazing when you think about it. S&P says the bailout will be more like $64 billion and that is 1/3 of Ireland’s entire economy. Again, amazing.

Irish bonds are now trading at the same levels when the “Greece” crisis started and the economy, especially the banking side of things, looks like a black hole.

Spain and Italy are no different and I have been saying for a month that the entire European relief rally is over. Most of it was short covering anyway. Many thought the worst, and were heavily short, we all know by now that trades always get crowded at extremes. The story is still developing, but don’t get excited yet, as there is more pain to come from the other side of the pond in the months and years ahead.

On a more cheery note we rallied yesterday off a decent China number and a better than expected ISM number. This market is incapable of follow through days, so the true test of the markets mettle will be today. Yesterday was a short squeeze, but now the all important “follow through day” is needed. Tough request from Mr. Market as the mother of all numbers gets released tomorrow. JOBS

We had more fun than a barrel of Leprechauns on the Premium Site yesterday and dismantled the market yet again: Winners included: BVF +8.0%, COT +9.6%, JPM warrants +6.0%, HGSI +10.7%, ROVI +2.5%

We have spent so much time talking about the P.I.I.G. nations (Portugal, Italy, Ireland, Greece) that we have ignored some of the good news that has been happening in the B.R.I.C.  nations (Brazil, Russia, India, China).

Brazil is chugging along, but India has reported 9% growth and even Russia has kicked in 4% growth. It’s a sad  reality that we are in the shape that we are in. We are clearly the red headed step child on the global stage for now.

It was the worst August for stocks since 2001, but the first day of a new month has historically been bullish. Futures are ripping this morning, but will it last through the lunch hour? This market has been finding it impossible to hold gains, and follow through days to the upside have been non existent.

The big kahuna, jobs, are on the docket for Friday, so any rally could get sold in front of that data point. We’ll see.

The ADP number is out, and as usual it is bad, what a surprise. ADP has been about as bad at predicting jobs as Bernanke has been on navigating the economy.

We’re having more fun than Congress on a field trip on my Premium Site. Some winners the last few days include: RIMM (short) +5.5%, HGSI +5.0%, CREE (short) +4.5%, TNA +4.5%, DGX (short) +3.5%. Average holding duration was a few days.