MARKET RALLY CONTINUES!
I suppose the best guarantee to have the market go down is for me to have gone long at the bottom last Tuesday and held. I however added some more to my leveraged short position this morning and even bought some double short Euro (EUO). So this pretty much guarantees that we will break out of this range from 1080-1220. MLPS meanwhile are back up to resistence around 350 which is where the moving averages are.
The index is up just 1 point today as attention in the markets appear to be elsewhere. Sunoco Logistics (SXL) meanwhile is at a new all time high today up over 93 and looking like it wants to go to 100. Alliance Resource Partners (ARLP) is up over a buck. Most mlps showing nice fractional gains today. We do have a few small fractional losers like Plains All American (PAA) Energy Transfer Equity (ETE) and a few others but nothing is news driven.Fed minutes at 2pm might give everyone an excuse to lean into the rally but with my luck lately they will use it to break us out above the recent range. One thing about holding a short position, it becomes a lot easier to recognize the bullish argument. I will continue to endure the pain!
joseph cioffi's Source Page - Associated Content
1 comment:
With the exception of AA, all of my materials stocks that I bought and mentioned on the blog a couple of weeks ago are up 12 - 15%. I think that this incredible short term runup that we have is suspect and way overdone. I've raised all of my stop/losses accordingly. I think buy and hold for the longterm is dead. We could have a couple of lost decades like Japan. It's nuts. It's more like gambling than investing.
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