Sorry about the lack of posting lately. I spent most of the July 4th weekend moving and do not have an internet connection at my new place yet. As soon as I am back online, I’ll be able to post more regularly.
I’m bullish right here though.
Yesterday was a pretty good day. First of all, we were able to salvage the condo deal and we closed it last night. Secondly, I pretty much nailed the low yesterday on the S&P 500. Check out the MM breadth charts and see how stretched the indexes are. I had these charts in mind the last few days and couldn’t help but notice the doom and gloom getting to extreme levels. Combining this with the bullishness of Tom O’Brien, I just had to buy.
Finally, I read that Stephen Baldwin has promised to leave the country if Obama wins. I really hope someone holds this moron to his word (which I’m sure is worthless).
I picked up some of the Ultra S&P 500 ETF today. I just couldn’t resist the price.
It is fitting that my latest obsesion is with the “Trailer” indicator since it looks like I might be living in a trailer if this stupid condo deal doesn’t get salvaged.
Here is a new breadth indicator based upon whether a stock in an index is above (bullish) or below (bearish) my Trailer indicator. The green line is a percentage of stocks in the S&P 500 that are above their trailer. We might have further to go, but it looks like we are getting close to a bottom.
This picture represents the closing of my brand new, custom condo. The deal exploded just one hour into the meeting and has yet to be resolved. My wife and I spent today looking for rentals just in case it can’t be salvaged. I have until tomorrow, after which I will have to refinance the loan and terms are no where near as favorable as they were when I signed the contract.
Needless to say, postings on the NoviceBear.com might be a little sparse in the next couple weeks so I hope I don’t loose any readers. Please keep checking back, especially since this market it getting exciting again. (Don’t tell my boss, but I just might have to spend a little time at work contributing to my blog and to MarketTurbulence.com)
Wow, doesn’t it feel good to be in cash on a day like today. I covered my CTAS short yesterday and I’m starting to turn bullish now.
In the meantime, I was working on my ATR trailing stop (I’ve named it “Trailer”) and made some improvements. Check it out, and see how it compares to Jan Arps Trender. I’m sure that if you saw how simple my code was you would be absolutely shocked that people actually pay $299.95 for the Arps indicator.
Tom O’Brien is getting bullish again. He is usually early but he is also usually right. Keep your eyes open for those long positions.
Here is one I haven’t heard about in a while. NYX is back at a buy point following the completion of a weekly TD Sequential buy.
Here is another a ATR based trailing stop that I’ll soon make available on MarketTurbulence.com. It was inspired again by Jan Arps and his Trender indicator.
T. Boone is a bit of a hero to me, so I was extremely happy when I read the following quote.
T. Boone Pickens, the Texas oilman who gave $3 million to the Swift Boat Veterans for Truth and who numerous GOP sources said was being looked to as a funding source this year, is sitting the race out.
“He is not giving anything to 527s involved in the presidential race this cycle, and has communicated that…to Republican strategists and operatives,” said Pickens spokesman Jay Rosser.
Rosser said Pickens “has a much broader public policy initiative in mind that will focus on energy, and is approaching that in a bipartisan manner.” He only “contributed last cycle because they were in play, and were so heavily funded on the other side.”
I firmly believe that everyone should be able to spend their money as they see fit (yes, even ultra-rich oil tycoons), but that swift boat stuff was extremely painful and will forever taint Mr. Pickens’ legacy.
I wonder who T. Boone thinks will be better for his wind farms and alt-energy investments? Does his “neutrality” betray his leanings towards Obama? (Ok, ok…I won’t get carried away)
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