Monday, January 16, 2012

Mondays Still Stink in 2012

I hate Mondays anyway, but today was a real mess. Having issues with several computers at work and no one seems to have any good ideas on how to fix them. Also was super busy all day. Add to this it was 5 degrees this morning and it's expected to snow/ice tomorrow morning, right at commute time, 2-3 inches. Yeah, that kind of start to week.

Market Observations
My idea that the indices had been showing signs of a top probably died last week. With all the downgrade news markets are not really reacting downward and that's another sign sentiment has changed. I still believe there is a bit too much hoping going on out there, but it's working.

I did a bunch of screens last night and in individual names there are plenty of attractive set ups. Here is one I found via iBC PPT screen, NXTM:
There is price history index wise to support the idea that a reasonable move up here is on the way, and it may take a little while.

In this S&P 500 chart I have annotated all the way back in late July and early August a few sessions where price was highly contested in a small range:
We all know price has memory, but does it run that far back? Sometimes, and the low volatility and tight price action as of late lends weight to a scenario where a slow grind up can happen. This will allow individual setups that can work time to get moving. So this may be the best swing trade environment since October. Started a while ago, but I missed it.

I really don't like index watching and it would be really refreshing to have a market of stocks here, not just the stock market all correlated and crap. I am looking to play some longs this week. You may want to sell all your longs at the open.....

Why Do People Bother?
While I was making dinner I clicked on a new Josh Brown post and I was disappointed in the topic. It sucks to work your butt off, provide the kind of content that has been missing for the regular investor on the street for years, interact with readers the whole way
and still get vitriol and insults from random people. From the article:
But none of that matters now. I guess I'm a target for misanthropes and those with too much time/anger on their hands. And it doesn't feel good.
In the past few weeks I've been assaulted online three times, having instigated none of it.
Hit the link for the full piece.

Josh does not need me or anyone to defend him, he can handle it. What annoys me is why do people even bother? If you want to sling insults and attack someone, what's the point? What can be gained?

Add to that, Josh is my friend. So this really makes me confused as I have seen how much he has helped me and many others over the years so this sort of thing makes me angry. Sadly, it's part of being out there and putting yourself and your work on display.

Have a good night.

1 comment:


Monday is not the favorite day of the week.