Impressive bounce off that 1260 level on the S&P. Like a magnet the market bounced to S&P 1275…. (thanks PPT) and away we go to 1280s. Reader Shax is happy and smug somewhere in Asia with his 100% long exposure. I just cannot see a break through that 1260 on the first attempt with all the King’s Horses and all the King’s Men here to socialize the market, all over again. They have charts too and realize how important this level is. It’s going to take repeated attempts I believe, to break through their purchasing power.Frankly at this point we have 2 outcomes (a) crash i.e. a 10% drop in the markets (June) followed by even more rampant selling layered on top or (b) an oversold bounce.I wrote last week I was done for now with Ultrashort Financial (SKF) as …

Hess Corporation (HES) Not quite at a 52 week high, Hess Corporation is a New York based  explorer, purchaser, and developer of oil and natural gas. The company’s stock is a decent buy from the normal ...

Let's rally come tomorrow, as Kramer would say 'gitty up'.  Thanks to the relatively 'good' news from the Fed Asian stocks jumped Thursday for the first time in six days. The Fed said risks to U.S. growth have diminished, however those calming words can't help Michael Richards' career. June 26 (Bloomberg) -- Asian stocks rose for the first time in six days, led by financial stocks, after the Federal Reserve said ...

Finally some good news, Saudi Arabia is ready to pump more than 9.7 million barrels per day (bpd) of oil for the rest of this year if there is demand, and could add an extra 2.5 million bpd of capacity above a current plan to reach 12.5 million bpd by the end of next year, Oil Minister Ali al-Naimi said at an emergency meeting of oil producing/consuming nations in Jeddah on Sunday. PERTH (Reuters) - U.S. crude futures fell over a dollar to near $134 a barrel on Monday after Saudi Arabia said at an emergency meeting over the weekend it was ready to increase oil output capacity by another 2.5 million barrels per day if there was demand. * NYMEX crude for August delivery CLc1 fell was down 55 cents at $134.81 a barrel by 2238 GMT, ...

Financials continue to feel max pain as major banks continue to be hammered by selling. The exotic forms of investment continue to haunt those firms who were careless and did not handle risk properly. Selling has spread throughout the rest of the market as Crude Oil prices race higher. We are also seeing Grains and Agriculture futures point higher as well. These markets have and continue to signal higher inflation. The markets haven’t quite seen a peak in fear, a washout of the markets is highly likely. Along the lines of a washout will more than likely be proceeded by crude oil entering in superspike mode. The market is in chaos mode and can not be trusted. Financials might continue their trend but the short trade has become so obvious a sharp covering rally could wipe you clean. So few stocks are working ...

Monday the NASDAQ undercut its most recent rally attempt’s lows reseting our confirmation rally. Tuesday’s action failed to re-ignite a new rally attempt. Volume was on the light side as NASDAQ volume fell roughly 2% while on the NYSE we saw higher volume. This market continues its “no man’s land” path. Overall, this market does appear to be a bit oversold at the moment and good news is that we haven’t been able to accelerate to the downside. However, upside seems a bit LAME! Until a clear direction in this market is set, its best to step aside and let others waste their time. Times like these the greats would be having a vacation. The lack of interest from large institutional players leads to lackluster markets like we have here. So many stocks are breaking out and failing that it leads me to ...

First, I have not done this properly, thank you for the various suggestions left toward the farmland project I have been working on. I have not really thanked you all properly.This is has been a peculiarly busy week, not trading but with every other aspect of my life, so just a few stray items to chew on today.Here is a link to a lengthy speech by Dennis Gartman. Despite how long it is it does read very quickly. One thing he said, which I cannot vouch for but is interesting if correct "In the last 30 centuries, China has been the dominant economy in the world for 28 of them. It’s just a return to the mean as China now becomes the dominant demand-oriented society in the world." I don't doubt the general idea I just don't know about 28 out of 30....

Big Cap stocks along with financials are weighing on the S&P 500, Industrials, and NYSE composite index. On the other side, the NASDAQ enjoyed gains throughout much of the day despite stumbling into the close. Crude oil closed slightly above $122 a barrel helping out stocks. However, the nasty action being seen on the large cap indexes is quite troubling. Can a rally be sustained without them? Yes, but its the power behind that move would be in question. Just an overall mixed day with more distribution seen on the NYSE indexes. This market is sure in no man’s land. We have the NASDAQ that is looking to move higher while the S&P 500 continues to look real weak. There are some strong stocks that are oil and natural gas related pulling back quite nicely. Its exactly what you want to see ...

Last week’s question of resiliency or reluctance at 14,000 for the Nikkei 225 Stock Average was answered, somewhat predictably, with another late-week rally. The Nikkei ended the week higher by 2.3% to 14,338.54 and the broader TOPIX, which rose by the same amount, recouped the 1,400-level (1,408.14) for the first time since January 10th. This week, the N225 is poised to test its Jan. 10 high of 14,388 and perhaps it’s not a stretch to throw in the 14,691 close on the first day of trading this year (its calendar year high close). But don’t get too excited (just trying to keep things in perspective), considering the N225’s 15,155 open on the first day of trading in 2008, let alone the 18,000-plus levels it once traded at last year! ...

Some people are making this way harder than it is when it comes to making money. I make it very clear when I am going very long and when I am only buying a few to a hundred shares of something. A newbie will not know this but anyone with at least a few months will know that. So when you see that there are so many longs tonight don’t get too excited thinking that this market is going to be super bullish. It is what it is. A low volume rally. But this low volume rally is loaded with short sellers, via the NYSE short interest constantly hitting all-time highs now at 14.27. So as long as the short sellers jump in the market and people continue to deny the rally–bulls fell to 37% from 50% in this week’s investors intelligence poll. I have heard some actually say “I thought we ...