The Wrap 3/21/12


“I’ve failed over and over and over again in my life and that is why I succeed”. -Michael Jordan


The market continues to chop around, but it chops around above the 1400 level which tells me the bulls don’t want to let go just yet.

You guys know I’m positive over the short term, at least until the end of the month. The one thing that could put a wrinkle in things is the euro. As you can see in the chart below, the euro could be forming the top of a right shoulder of a bearish head and shoulders pattern. If that pattern does come to fruition that will put upward pressure on the dollar which isn’t good for stocks. So far it’s not a worry, but we should keep an eye on it. Things have been quiet on the other side of the pond and my worry is Portugal and Spain going forward, but that’s just me thinking out loud.


Apple is getting silly overbought in my opinion, and I would rather be short than long here (for just a trade), although I’m neither. Not because AAPL isn’t great, buy because it needs a rest. A small pullback would be a good thing.

I triggered CSH short today and CRR gapped down through the stop on the balance, so I left it on and will watch it in the morning.

See you in the morning.



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