The Morning Morsel: Remember the Vets


Thanks to my Dad, Uncles, brothers-in-law, cousins and ALL who all fought the good fight whether they wanted to be over there or not.  None did.

The market enjoyed a light volume bounce back yesterday and futures are up again this morning in anticipation of a positive budget vote out of Italy.

$AAPL had a Rick Perry moment yesterday and broke the 50 day moving average, but managed to hold and bounce at the 100 day. A break of that level could bring AAPL down to the 360 level.  $AMZN acts horribly, and I can make the case for a head and shoulders pattern on the daily chart. The latter may need to tag the $200 level.

The shorts have been all over $GRPN lately which may be a great move, but for my money I would wait to tee that one up for a short. Let it get goofy first.

The headlines will drift back to the Supercommittee in about a week and if those geniuses don’t get their act together look for more chatter about another downgrade for America.

Crude continues strong and I’m long $UCO as things are definitely afoot in Israel/Iran land. That should grow roots as a major headline soon.

We continue to gag on our own debt, and there are “whispers” of a two to three trillion dollar QE3 bazooka package. We will see if that ever happens. If that does happen,  it will certainly help stocks short term, but in my opinion, will be the final nail in our coffin.

Bottom line, the wall of worry gets higher and more slippery. Stay nimble and good luck.

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