{+++} The market telegraphed its message all along, right up to the anti climatic announcement that rates were to stay the same and the Fed will do everything they can to support the financial markets. Boy was I hoodwinked, as I thought they may try to outdo Japan in the 90’s and somehow go to a negative interest rate scenario. The market knew that and felt no reason to take away the punch bowl. Why should they? The shorts are on suicide watch and if bad news doesn’t take you down, nothing will. Not exactly a cheery GDP report today but it didn’t matter, the market does what the market wants to do and we will never out think it or out smart it. It’s a beautifully efficient beast in its own macabre way. I’ve been short forever, and although I feel we are still hip deep in alligatores, I know I can’t fight the tide because success in the market is predicated on picking your battles, high probability battles.
The marketis sending a message here at least for the next couple of days in my opinion,and that message is don’t be short yet, I have a bunch of over extended charts and I will post them soon. Put them on your watch list and be ready to move when the time is right.
I will be back in a bit with some chart plays, if any of you have taken some of the names listed here, let me know, as we have caught some nice break outs with GS,FSLR, PRGO,ARRS, and ESRX. UTHR is giving me a bit of a headache but I haven’t thrown in the towel yet.