I started the day thinking that finally, finally the stage was set and the dominoes were about to fall. The market refused to break though and as soon as the chips began to turn with AMAT and KLAC catching fire, what was a good day turned very ugly for me and all other faders.
I took a good hit today and until I turned and ran with the bulls, I was bloodied and beaten about. Two weeks ago I penned the current thesis we have ran with and I for one need to start believing in these thoughts. In it I said that the bulls were likely in control and that the targets were
2200 NASDAQ
1265 SPX
10635 DJIA
700 Russell 2000
I started to give up on the surge to these levels as only the DJIA had made it in the time frame I was considering. Today the market caught a second wind (maybe the third at this point) and took no prisoners as it stabbed higher. We closed at
2188 NASDAQ
1235 SPX
10689 DJIA
677 Russell 2000
.... still not quite there but definitely looking to make the numbers now. The summer rally has finally come again and it's making a believer out of all of us who care to think otherwise. I'm certain that it will end ugly when it ends and I will necessarily have to be cautious on this potentially last leg up, but fighting the tape here has been just wrong.
To that end, I'm going to take a couple days off to consider things and to remove the burden of writing off my daily tasks. I'm strictly long as I end the day and am willing to let those longs run if they will a bit farther. In the seventies there was something called the nifty fifty which, long after the bull market tha tpreceded the bear of the seventies had died, these stocks just continued higher. It feels that way again.
I took a good hit today and until I turned and ran with the bulls, I was bloodied and beaten about. Two weeks ago I penned the current thesis we have ran with and I for one need to start believing in these thoughts. In it I said that the bulls were likely in control and that the targets were
2200 NASDAQ
1265 SPX
10635 DJIA
700 Russell 2000
I started to give up on the surge to these levels as only the DJIA had made it in the time frame I was considering. Today the market caught a second wind (maybe the third at this point) and took no prisoners as it stabbed higher. We closed at
2188 NASDAQ
1235 SPX
10689 DJIA
677 Russell 2000
.... still not quite there but definitely looking to make the numbers now. The summer rally has finally come again and it's making a believer out of all of us who care to think otherwise. I'm certain that it will end ugly when it ends and I will necessarily have to be cautious on this potentially last leg up, but fighting the tape here has been just wrong.
To that end, I'm going to take a couple days off to consider things and to remove the burden of writing off my daily tasks. I'm strictly long as I end the day and am willing to let those longs run if they will a bit farther. In the seventies there was something called the nifty fifty which, long after the bull market tha tpreceded the bear of the seventies had died, these stocks just continued higher. It feels that way again.
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