I’m glad the S&P finally broke through the 1130 level so I can stop talking about it. The XLF also closed about four cents above its 200 day moving average. Not that impressive for the latter, but maybe its a start. We’ll see. Where do we go next? Probably 1150 then maybe 1180 if the bulls get lucky.
Technology is on fire and takeover chatter is rampant. NZ just caught a bid from IBM and we are alll familiar the the 3Par drama by now as other names get thrown into the mix. Great action for the longs and the shorts are running for cover as their ultimate fear is coming to fruition…covering a takeover bid.
Ireland is still having problems, UK’s deficit is off the hook and Spain just raised max capital the other day. EWP (Spain) is getting up to the 200 day moving average and is getting to a level that I love to short. From my perch, Europe will still have some more negative surprises.
Bernanke speaks today and may take away the punch bowl if he hints at more quantitative easing. Although the market seems to be on a mission.
My Subscriber Site is having a record month and is having about a 75-80% win rate. If you would like a copy of September’s performance please e-mail me at [email protected]. Some positions that have been monetized either partially or in full in the last week include:
SINA +3%
NZ +12%
SLH +2.6%
OC (short) +8%
MMR +7.5%
EXAS +7.7%
NZ +12% (again)
IGTE +2.1% (daytrade)
BIDU +2.2% (daytrade)
RVBD +2.3% (daytrade)
ACI +3.3%
SPG +2.8%
CAT +2.7
MOST NAMES WERE HELD FOR LESS THAN A WEEK.