Wednesday, March 25, 2009

03.25.09 - Raging Bull?

Another strong morning on the "slowing in the economic decline" thesis. Just now we are testing a potentially important intraday level on the SPY, as indicated by the bold orange line derived from yesterday's price wavelet peaks and troughs. Internals are net positive, but I'll be trading carefully here -- this raging bull has taken us very far very fast. Can we break out (again) for a full retrace of the February swing highs going into the new quarter? On one hand, we have an end-of month/quarter effect and a strong rotation back into equities. But how much of that have we already seen (note declining volume)? And we will soon face a "fresh round" of earnings risk.

Reader Contest: Just for fun to commemorate the "Blogger Triple-Play" below, a complimentary copy of Martin Pring's "Breaking the Black Box" to the first reader who can successfully identify the baseball greats in this picture.


bzbtrader said...

Roger Maris, Yogi Berra, Mickey Mantle

Jeff Pietsch CFA Esq said...

BZB takes it... "The M&M boys" Do you REALLY want that book Bob! ;-)

Jeff Pietsch CFA Esq said...

From Chat Roll,

bzb (guest): Pass it along to the next guy, I sold by copy on ebay a while back.

That makes Don B the winner by email! Congratulations Don! (Don't take BZB's comments wrong, book is just targeted to Newbs!)