(Note from Tim: I'll probably do a market overview late tonight………)
Another stock that I am long.
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I can't believe that it has been 20 years since Milli Vanilli won a Grammy for best new artists. In 1989, they were absolutely tearing up the charts and I thought they would probably shape the sound of music throughout the 90's.
At my high-school dances; I would never slow dance (not really my choice), but wait for one of their songs to be played and then explode on the dance floor, showing off all of my moves and getting all the girls wet. Then some jealous a-hole would notice his girlfriend getting all hot over my dance moves, and kick me off the dance floor or punch me in the head. Everyone would get a good laugh, and my chances to score were ruined.
Well 1990 came and Milli Vanilli won the Grammy, we all know how that ended a few short months later. The whole country was devastated, and I never danced like that again until many years later.
Will this rally crash and burn like Milli Vanilli did 20 years ago, or is it the real deal? Here is a weekly chart of the RUT I'm watching.
Note the red down-sloping trend lines. Sometimes stocks will follow a double trend line faking traders out when the first one fails. Now the second red line is hardly a trend line since we only hit it once and are kissing it today, but it is parallel to the first and could become rather important, so let’s see if some of this resistance holds. If it doesn't I'll be out of a good bit of shorts quickly.
Good luck everyone, things could be worse. I'm currently in Philadelphia hitchhiking to NYC since Ted's van crapped out, stealing wifi when I can to check out the market.
Originally published on MPTrader.com
Here is a link
to a Ticker Sense summary of sector rankings by the big investment
banks. I assume a reasonable part of these weighs are based on
backwards looking information. Of the ten, health care is ranked
seventh. As such, I would bet it is undervalued compared to more
The chart below is the ratio of equal
weighted health care sector to health care sector. A rising ratio is
bullish because it can imply that more issues are participating in the
rally. Of all the sector ratios, this one is by far the strongest.
Prices are headed to the top of the channel: