Yesterday I highlighted this number in the bizarre after hour trading, when this stock dropped from 118 to 108 in two minutes, after ISRG said they wouldn't give guidance on accessories anymore. It rallied a couple to close at 110 in after hour action.
Today it closed at 130.35!
A 20 point facial for those that tried to manipulate prices!
Yesterday Doug Kass, who turned bullish a couple days before the bottom, advertised his buying shorts and the inverse ETF on the financials!
Then this afternoon, he decided to buy Berkshire because the financials were holding up!
How's that for conviction? Let the market tell you what to be convinced about!
But there's no lack of dumb conviction for the bears. Uber-bear, David Rosenberg of Merrill Lynch, who missed this entire move in the S&P from 666 to 870, now says the market could move up another 15% without violating the long term downtrend!
The market moves 31% in your face, and now you can say the S&P can go to 1000, and still proclaim that we are still in a bear market?
Nowe he can get a 50% facial in his face? And it's not tradeable? With banks up 200-300%, industrial companies doubling, and smaller companies tripling??
Are you kidding me???
On April 2, I said Rosenberg's bearishness was a joke.
How about David Rosenberg of Merrill Lynch's April Fool's piece? Does he think the animal spirits are going to wait for him?
I need to mention it twice, because Rosenberg's April Fool's bottom this will be the second most talked about bottom in this market.
And it will. He will be the poster child of another erudite, intellectual that doesn't understand the animal spirits of the bull!
But for those that like his steely resolve in the face of absurdity, you should check out X, which is finally breaking out. I know it's 30 now, and I touted it March 9 at 17, and I also retouted this number on April 2, at 25 when I pointed out the absurdity of Mr. Rosenberg April fool's piece:
So take another look at US Steel (X) which is just trading above 25. This stock has 10 quick
points in it, because the deep cyclical will be the next stocks to move aggressively!
The last 5 points took two weeks; now it should tack on 7 points in the next fortnight.
After all, S&P put it's credit outlook on a negative watch yesterday. Just another example of dumb conviction at market lows!
Maybe these guys read Rosenberg!