Friday, May 1, 2009
The bears just don't know Jack!
The Nasdaq closes up 1%, and we call yesterday a sell-off!
The bears are changing their lexicon!
Yesterday, however, is not the end of this rally as so many pundits want to say. In some specific names, you saw short sellers capitulate--which gave you good spikes in a number of stocks. That's all yesterday's action was. Traders that sold into some of these short squeeze spikes, probably also decided to sell a lot more of their inventory down. It's nothing more than that.
Every day, we have an issue that those who are short, and with an agenda, pretend are giant issues. And everyday, we have some pundits, that caught a bit of these rally, trying to be a hero, to now try and call it's top. Toxic assts, stress tests, swine flu, and now Obama threatening Wall Street were all BBE's (big bad events).
None of it was true.
Wall Street needs to get over themselves. They no longer call the shots in the world. They no longer have the power with naked shorting and credit default swaps to panic the world. They don't even have enough confidence to trade this market, and to trade out of their losing positions!
Look at Denninger's latest missive:
No, There Is Not a New Bull Market
C'mon guys. The callers are all out this morning. Jesus, can we have a bit of reality?
I gave him some Jesus reality on Easter!
Look at Henry Blodget's latest missive:
But doesn't the 30% rally off the bottom obviously mean that the bears are fools, that it's finally safe to get back in the water? No. It doesn't obviously mean anything.
The bear market was over at 667!
And now, we are on the second leg up. So those that think we are set to pullback are just living in fantasy land.
You had the bottom here at 666.
And, then eight days ago, you had the start of the next leg up.
How is it over, when it just started?
All these bears that want us to worry about "Giants" should instead be worrying about the beanstalk that grows to the sky!
The bears don't know Jack!
Posted by Palmoni at 6:46 AM