{+++}A sharp rebound sent the S&P 500 back above its 50-day moving average, but the benchmark index couldn’t quite make it to 1100, which marks a formidable point of resistance. After the close, AMZN, AXP, BUCY, COF, CMG, DECK, FLEX, MSFT, MOS, SNDK and SWKS are the only notable names that reported after the close.
AMZN got killed.
Futures are lower after hours with S&P 500 futures 2.26 points below fair value of 1090.46 and Nasdaq 100 futures 10.15 points below fair value of 1861.90.
Only six trading days left for the hedge funds to make their month and be “long” stocks We had this conversation here on the site last month and basically threw it up for discussion. The pundits said the Wall Street community “had to buy “stock or they would be left behind. We talked about this here. Guess what? They sold. Mutual fund managers(mostly 25 year old wannabes from biz school) are clueless. Staggering statistic..90% of mutual finds lost money in 2008. It’s a momentum market and fundamentals mean ZERO. Drop your rifles, the “fundamental playbook” is gone for a couple of years.
This market is so screwed up, I can’t even find words to describe it. I still have relatives that say “but Cramer said”. They are close to being cut off, both emotionally, and from my Christmas card list.
I started this blog two years ago. My main thrust was to help people that had been screwed in the market. I’m not always right, no one is. I was sick of the conventional wisdom and the long endless stream of “experts” that CNBC dragged out on an endless basis. I write about this tonight because I actually had CNBC on in my office today for about twenty minutes. I don’t watch CNBC, I do watch it occasionally however to criticize their ineptitude. I watch Fast Money because I sometimes need to re reaffirm my extreme loathing for their cast of experts.
Tim Seymour must “know” someone. I know class act trader buddies (ex-Lehman , Bear Stearns guys..Seymour couldn’t get in there) that know “of” him. He is not on top (or even the bottom) of their list. Most of my trading buddies never heard of him. Pete Najarian carries water for his brother Jon who owns Optionmonster, CNBC knows this and promotes it.
I had lest contempt for the guys that blew me out of my hedge fund on the 78th floor of the North Tower of the World Trade Center.
Cramer and the Najarians have become the “FACE” of CNBC. watch at your own peril. I NEVER watch financial media during trading. Try turning it off and just watch the market. You may feel peaceful, lucid, relaxed and even empowered. I did it and I never went back. I did it years ago. Just watch the tape.
No names tonight, tomorrow is Friday I will send alerts as usual. I will update the P&L in the morning. Not much changed today. A strong close above 1100 will make me revisit the long side.
Bottom line, let’s just trade it.
Joe
Joe