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Well, at least today was a total loss, since Congress grilled all the investment bankers and passed sweeping legislation on this very day, combining confiscatory taxes on bonuses and stringent new regulations. Lengthy pause. Whispering. Stunned silence. Oh. Never mind.
I've got to say, even with the market lunging (yet again) higher – with the $INDU into territory not seen in quite a while – the Chinese FXI isn't look so spiffy. I'm not touching it, but I thought it was worth noting.
There's an interesting article called The Bulls Are Dead Wrong that is worth checking out over at Business Insider. Here's a sample chart from the article:
The thing I keep wondering is – – – since bad news no longer seems to matter, is that a signal for the bears that things aren't going to "make sense" – perhaps even for years?
I remember well the subway bombing in London in 2005. This was a major terrorist attack on one of the world's financial capitals. The arrow indicates the date that it took place…….
Didn't really matter much, did it? Indeed, it was a buying opportunity!
So the fact that last Friday the news came out that our economy is still bleeding jobs like mad, and yet the market keeps going higher, is cause for concern. Perhaps yesterday is turning out to be just a flash in the pan, since the government's willingness to inflate equities seems to be boundless.
There's a lot of chatter about the nearly 500,000 contract order that got shoved down the market's throat earlier today on the /ES. It definitely tends to stick out………
Sure would be something if we weakened, wouldn't it? I mean, that would be a pretty substantial loss for the Mysterious Buyer out there. We Shall See ™.
Earlier today, I bought TWM (the ultra-bearish on Russell) and got out soon after (bought at 10:05 EST and sold at 10:35 EST) for a quick $1k profit. Since then, I've been steering clear of IWM until just now, when I shorted a substantial sum of IWM at 64.13. I've set my stop-loss at 64.43.
