Daily Archives: May 28, 2013

Three Reasons for Bulls to Worry

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0527-catI hate to fall into the “Enumerate Your Post” trap, but my goodness, it certainly seems to work everywhere else on the web, doesn’t it? MarketWatch has latched onto this with a vengeance, with their latest schtick being “X things that Y won’t tell you”, and apparently there is no limit to vapid topics they can tackle with this formula. The most recent, pictured above, is the single most popular article on MarketWatch. Good Lord. (more…)

If Ever There Was a Time to Short GOOG

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I’ve been noticing posters around town for a new movie coming out June 7th called The Internship. It is described thusly: “Two salesmen whose careers have been torpedoed by the digital age find their way into a coveted internship at Google, where they must compete with a group of young, tech-savvy geniuses for a shot at employment.”

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As a proud contrarian, I look for signs like this, which don’t happen that often, of any concept or company that has so deeply saturated itself into the public mind that they start making freaking movies about it. Can you imagine someone doing a film about a guy starting a gig as a salesman down at the local Foot Locker?

I wouldn’t be surprised to see GOOG at a much lower price by the end of the year. This isn’t technical analysis, I realize – – – more like cultural analysis.

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The last time I remember a big tech company getting a starring role in a movie was that iJob film, or whatever they called it, starring Ashton Kutcher. Apparently the movie itself was a completely embarassing bomb, but I find it more interesting that all the excitement about it and the filming of the movie itself took place when AAPL was, oh, about $700 per share. And, once the movie was actually released, well……….

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Shanghai Rising

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I posted a possible double-bottom on SPX on twitter intraday on Friday, and that double or W bottom is mirrored on ES. Since then the ES version has broken up and unless we see a sharp retracement into the open, we’ll see a break up on the SPX version at the open as well. Here’s the setup targeting 1675 on ES and it’s worth noting that 50 hour MA support is now in the 1651 area: (more…)