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Now that – thank God – the Fed decision is out of the way, I thought we’d try a fun little project: let’s share stories about when we met (or bumped into) someone famous. I’m not talking about paid-for gigs (e.g. “I saw Paul Simon at the Paul Simon concert!” – – which, umm, I did, and it isn’t worth reporting) This is about chance encounters. Slopers are a diverse bunch, and I bet there are some interesting tales floating around out there. Here, I’ll begin, and I hope you’ll understand that, for obvious reasons, they tend to be tech-oriented:
Joe Montana – As some of you may recall, I wrote my first post on March 29 2005 from the Ritz in Cancun, Mexico. I had sold Prophet just two months earlier, and I had taken my wife and children on vacation. I remember Joe Montana took the elevator with us and counseled us to enjoy our kids since “they grow up fast.” As much of a cliche as that is, it certainly is true. I have no interest in sports, but I instantly recognized him, and we all pretended that he was just a regular guy. (Oh, and it’s true what they say – – celebrities are shorter in person!) (more…)
Here’s your latest real estate update about my neighborhood: in this morning’s paper, I was amused to see this color photo of a house that was just sold which – evidently – exhibits “Gorgeous Craftsmanship.” Try to drink in the beauty……….if you can:
It was offered at $2 million, but as you can see, it “SOLD over asking!” I would also point out to the uninitiated that this hallmark of craftsmanship is in a pretty nasty part of town. So there ya go.
Anyway, with all the post-Fed nonsense, I just thought I’d post something silly.
Wednesdays before expiration (especially on FOMC days) are special days.
Volume is split between 2 contracts. We have stops getting killed on both sides of indecision, and then a lot of chop, chop, slam…. chop, chop, slam…. It reminds me of the old Duck, Duck, Goose game. Only this time, retail stops are left holding the bag and can’t find a chair or get a break.
The witching hour appears to be the hour going into oil pit close.
The low yesterday was in the 2064 – 66.5 range that I gave in the morning, and as long as that holds this morning the bulls should test the daily middle band at 2090. The 5 DMA and 50 hour MA are at 2063 and 2062 respectively this morning and those are levels that the bulls really need to hold. On a break under 2060 I will be looking for a test of the 2039.69 low and we might well see a break lower into the 2020s. SPX 60min chart: