Good morning. Happy Wednesday!
Today the market gapped down, as predicted yesterday [1].
But very soon, the market is gradually changing to GREEN again. Sounds similar ? The market is still internally very strong and bullish. I don't expect a big correction today although there might be a lot of fluctuations today.
Last night, Euro does through a correction. Oil has jumped above 63. We need to drive less again. I am hating to go to gas stations again. The global stock market shoot up very well last night, partly due to ye yesterday's US stock market rally. Hang Seng index climbs up an eye-catching 5.26%. Amazing !!!
GM says bondholder offer fails and the bankruptcy is VERY likely now. But it's stock seems well supported around 1.20. But I don't want to play it now. More risky than yesterday[2].
PPCO looks good so far, the volumes need to surge [3] more, but the price holds very well so far.
Today's market will have a lot of fluctuations, that makes me hard to predict today's market close, but I still shoot the best guess as usual [4].
[1] gap down
[2] risky GM now
[3] PPCO volume surge
[4] the best guess
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Thanks. Hope we can close in green.
ReplyDeleteApril existing home sales rise by 2.9 percent
ReplyDeletegood sign ?
Tiger
PPCO broken out. I am following you, tiger, add a little PPCO at ~ 2.2. Hope it can run to $4 ...
ReplyDeleteThanks for the pick.
TA
so far, the nasdaq is pretty strong, hope it can bring up the whole us market.
ReplyDeleteTA
GM is looking bad, I have sold the left over free GM shares
ReplyDeletetiger
TA,
ReplyDeleteI agree. NAZ is strong. It may bring up the whole US market finally.
Tiger
QID breaks down 35. It will go lower. Hope not too many folks here are holding QID.
ReplyDeleteTiger
Thanks. tiger, for your nice work.
ReplyDeletePPCO is very interesting, up without volume.
ReplyDeleteTA
BYD also looks good.
ReplyDeleteTA
The low volume on PPCO could be good, and bad. Depends on the price pattern. If price continues up, low volume is a good sign.
ReplyDeleteJMO
tiger
Still holding QID here.. not worried about NAZ being strong.. It's also the weakest when markets really get hurt (people are moving to Tech as long term "safe plays" it seems).. But once people pull out, then NAZ will really feel the pain.
ReplyDeleteInterest Rate signals are all signaling sell.
Housing data wasn't bad, but 40 month supply on houses over 700k is astonishing.. How many of those will stay over 700k? I'd say .. a small portion, thus bringing the supply up in the 500k - 700k range.. and thus bringing some 500k down to the 400k range..
Again stay away from GM.. it's worth 0 .. it's being day traded for pennies..
Come on NAZ.. break down haha.. hopefully QID closes over 35.. then i'll feel ok. A close under 35 may gap down to 33.. and I'll buy more :D
GOLD is still my winner.
Ben,
ReplyDeleteYou are so brave with QID.
TA
Ben,
ReplyDeleteI agree. Stay away from GM.
I think GM will file the bankruptcy soon.
IF QID can close above 35, that will be good for you.
Tiger
No bravery needed with QID.. haha .. Just patience. it was over 38 easily yesterday but a 3.xx rise in NAZ pushed it down.. it only takes a few 1 - 2% down days to get it back to where it was.
ReplyDeleteIf NAZ closes 1+% today and gaps up tomorow I'll cut my losses.. and stay away from QID until wash rules don't apply (but I haven't lost with it yet, sometimes just takes patience).
what's crazy is I'm still holding FAZ haha..
I got into TBT .. Waiting for bonds bubble to pop.. I think 4-Week Bill Sales today will be ok.. but 13 / 26 and 52 week bills will be poor and 30-yr bonds will be horrific. Look at the yeilds.. we're begging people to buy.
NAZ may be going for a triple top.. that makes me feel a bit good.. at +.80% ..
ReplyDeleteWe'll see.. I don't have time to bust out the 1 or 5 min charts.. But looks like triple top to me, and I'm not sure it'll have to volume to break through without news.
A break abnove 1% .. might kill me .. :)
ReplyDeletetriple top ? I doubt it.
ReplyDeleteTA
PPCO need to break out 1.25 and fly.
ReplyDeleteI also don't think a triple top. It probably a bullish flag breakout as posted yesterday.
Tiger