The Wrap 12/1/10


The stock market surged more than 2% to its best single-session gain in three months on solid volume as market participants shrugged off risk and engaged in a concerted buying effort. After the close ARO, CWST, DDMX, EXPR, JAS, KKD, PSS, RUE, SIGM, SMTC, SNPS and ZUMZ were the most notable names that reported.

We bailed out Europe via some IMF injections and the market loved it. This whole world is getting sillier by the day, but “ours is not to reason why” (The Charge of the Light Brigade,) but to trade them like we see them. It was a beautiful opening and things got better as the day progressed. I always look at these occasional bursts of relief and euphoria as ‘gifts’ so we took some profits.That’s OK,  because if Santa has shown up ,we will have a phenomenal month and will find a multitude of new names.

I want to see a follow through day tomorrow, or today, (fairly light volume), will prove to be a silly knee jerk, off some silly news. The Bush tax cut extension appears to be in the bag, even though the the idiots on the Hill are pretending they are fighting the good fight. When will they stop the posturing and pretending and just be ‘real’ ?  If they don’t pass it we go down 1000 points, so don’t worry, it’s in the bag.

I have added a few shorts and a long. Due do time constraints there are no charts at the bottom of the post. Please check the P&L as you should every evening, as levels may have been changed. I added these shorts because institutions may be dumping their losers this month and these three could  fit the bill. WHR, CPLA and NUVA look good from the short side.  V could be a long if they take this thing up.

If you had a good month and like the site I expect all of you to get me at least one referral this month. I have Google mapped all of your homes and have you all laser targeted , but no pressure. ( Kidding, I don’t know where you live ), but I appreciate it if you can. Maybe a tweet? You peeps are dead, but I love you all. Thank You.

Have a great night and I will see you in the morning.

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