I never listen to the CNBC crew - but I did find this interview with Gary Kaminski interesting and spot on. Gary correctly observes that JPM and IBM, despite good earnings, sold off because they are "over-owned". He thinks the same will happen with Apple and Amazon after they beat the street. I don't disagree.
I fully expect tomorrow to be a down day. There are several big names in the banking sector, including:
Bank of America
Bank of New York
Morgan Stanley
Wells Fargo
US Bancorp
One of them is going to disappoint with numbers or outlook - guarenteed. The FHA announcement tonight (including a new mandatory 2.5% fee on all mortgages) can't help BAC going forward.
I am betting that today was a head fake. I rarely see a rally such as the one we had today fail as it approached the top. If this was the real deal, the prior reaction high would have broke and IBM would have pushed the market much higher after hours.
I expect a swing down tomorrow and I hope to profit from the move!
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6 comments:
Hey David , I was just looking at the charts , wondering about that head fake thing myself ,
I wonder is Fridays Down was an A , today a B , making an iregular top.
Elliott called B waves sucker waves.
Pieces seem to be fitting better tonite than last night
I covered half my position now (3:15am) and leaving the other half for after the open. These nightly sessions are killing me!
Globex will make you old quick.
Today was a buy the rumor sell the news. The election of Brown was the rumor and now we need to sell it off.
Covered my full YM short position earning 45pts overnight. Still have 1/2 of my ES contracts short.
Hi David , hope you get some sleep .
I dont trust to downside or the upside right now .
Could the latest two tops be a expanding triangle ? the tops be B and D , and todays low being e ?
If yes , the upside target would be 1175ish ? top the triangle plus the mouth ?
Or am I out of my mind ?
Bear flag would the other view ?
thanks
Hey Payline,
I am hoping for a bear flag - though we may simply be range bound. Posted on the subject earlier...
Cheers.
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