Market Notes and Win a Copy of "Backstage Wall Street"

It was just under 80 degrees here today and more tomorrow. Spring is in the air and it feels amazing. This early warm up may bump up fishing season by a week or two. Regular readers know how much I HATE the winter.

Market Notes
Another reasonable drop at the open today and then some buying came in for most of the day. After the late run last week a drop and/or sideways action was probably in order. Sometimes you will miss a run up for various reasons, but there are some things to look for that can grab you a second chance.

A week ago I highlighted the stock WLK which sported a great weekly chart and a supportive daily chart. I bought in on March 12 and have held since. After a nice run, WLK is slowing down here, and had I missed my entry before I am presented with a lower entry than the breakout day. The key here and always is to make sure the price pause or drop is on low volume! If new breakout buyers are not running for the door a longer term swing can make sense. Here is a look at WLK and note the volume dries up on this pause (click any chart for larger view):

Another shot at an entry after a breakout is a retest of the breakout area, or "throwback". I am long CTXS and here you can see it has gone back to the breakout area around $76.80:

This drop is a bit more menacing than the WLK drop and I am not going to give this too much more room.

Lastly, I added MBFI today and here is a weekly chart for the stock:

So far nothing too damaging in the market. 2012 has been kind to the long side, but things cannot go up every single day. You can often learn more about a market on down days than all oat mania up days. Just try to listen.

Win a Copy of "Backstage Wall Street"
I discussed the launch of Joshua Brown's new book "Backstage Wall Street" last week. I am sure this book is going to be great and I am starting on it tonight.

It just so happens I bought extra copies for the express purpose of giving them away. I have two copies up for grabs. I will ship the books out to the winners of a trivia contest this weekend (I hope).

First the rules:
-Submit answers to me via my email on the top right hand corner of this site. DO NOT use the comments section or Twitter.
-The order of correct answers by time submitted is how the winners are decided. Move fast, get a book.
-One submission per person.
-I will name winners later in week and then I will email you and ask for a mailing address. If you don't really want a book shipped, don't enter.

Ok, so the 4 questions:

1.) The SS Central America ship was lost in a hurricane in 1857 off the coast of the Carolinas. The ship carried about 2 million dollars in gold and the loss of this money contributed to to what financial panic?

2.) What space probe sent back images from the surface of a Saturnian moon?

3.) What is the name of the Starship in the novel "Tau Zero"?

4.) Who is credited with the invention of the polymerase chain reaction?

Good luck.

Have a good night.

Win a Copy of Jennifer Hillier's New Novel "Creep"

I forgot that we were going up to the White Mountains in New Hampshire for Saturday night into today. I have not been there is years, and it was really fun. Attitash Mountain is beautiful in summer.

Win a Copy of Jennifer Hillier's New Novel "Creep"

I know I have been talking about it for months, but my friend Jennifer now has her new hardcover on sale now! Very exciting time. Amazon page for the novel:
Creep on Amazon

So I bought a mess of these and have set aside 6 copies for the readers here to try and win. How can you do that? Answer 5 totally random questions correctly and submit your answer to me via email (my gmail is listed at top right of blog). The 6 winners will be the ones that get all 5 questions correct, sorted by the time at which I get the emails. That's it.

The five questions are:

1.)Which novel starts with the following sentence?:
In the week before their departure to Arrakis, when all the final scurrying about had reached a nearly unbearable frenzy, an old crone came to visit the mother of the boy, Paul.

2.)In the Star Wars Universe, what Dark Lord of the Sith instituted the "Rule of Two"?

3.)In the film "Ben Hur" what number was given to Judah Ben-Hur on the war galleon?

4.)Who won the "War of Currents" with his dedication to the Alternating Current power system?

5.)What horror classic was set at the "Overlook Hotel"?

Have at it and good luck.

Have a good night.

Wrap the Week Up

For a 4 day week it sure seemed long!

Market Observations
Of course the day after I show a bunch of possible reversal candles the action today filled out a bunch of real clear ones! The abandoned baby setup is very rare and I saw it all over the place today after the big gap down. Normally this pattern is really powerful, but I would wonder how strong it is when it was so common after today? Not sure what to make of it all.

The jobs number was a total miss and at this stage of a robust recovery like we are supposed to be having, makes no sense. Main Street is not Wall Street though and market players want this stuff higher so bad it's amazing. Next week will be very interesting, especially if some volume can find it's way back to the markets.

Friday Night Entertainment
Some lighter things for a weekend setup.

Book Contest
I am going to run the Jennifer Hillier "Creep" giveaway contest on Sunday so that it will not get lost in a usual Friday night post. Stop in then for your chance for a free copy, there are 6 up for grabs.

Evil Robots Pretend They are here to Help
"Hello, I am a robot and I am here to help!" - famous last words

In what seems like a great way for a dental student to practice techniques without hurting someone, there is now a dental practice robot! Why risk a lawsuit by training when the robot feels no pain, cannot be reasoned with, and will not stop! Via Geekologie, here she is all nasty creepy:

We should destroy them.

Today in Financial History
From the great site, Little Bits of History, I learned that today in 1932 the DOW reached it's lowest point in the entire Great Depression. Nifty:
Bear Market
Thanks!

Visual Aides
Because seeing is easier than reading.

Seems about right:

see more Historic LOL

This could work:

see more Very Demotivational

Star Wars Huge News
After many twists and turns, there WILL be a novel about Darth Plagueis coming at years end! If you don't know, Plagueis was the master of Darth Sidious (The Emperor) and found a way to create life using the midichlorians. There has been much speculation that Plagueis created Anakin Skywalker using this sith lore. We shall see! Here is the proposed book cover:

I can't lie, I already pre-ordered and really want to read this book.

As if that was not enough, a novel about Darth Revan (from The Knights of the Old Republic Game) is also on the way!

Film Clips
Serving as a Netflix puppet for free is so sad.

Sometimes a great car is worth more than gold and jewels. In the third Indiana Jones film, "The Last Crusade" Nazi gold was not worth much to the Sheik, but the newest Rolls Royce? Well, we have a deal:

"And I even like the color!".

The film "The Expendables" was actually better than I figured it would be. The action film torch was passed to Jason Statham in the film. In this scene he finds out his long time love was hit by her new boyfriend and, well, it's pretty freaking cool:

HE SHOULD HAVE SAID "FRIEND-O!"

Rock Blogging
Pandora has nothing on either an Ipod or YouTube.

Reader C-T, being a metal head, wanted some Led Zeppelin. It's funny but much like the band that cannot be named, I don't think their stuff is that great. Still, "No Quarter" is by far my favorite tune:

Chilling.

Gawains knows music and I was glad he requested some old school Jim Croce. Let's try "Working at The Car Wash Blues":

Nice.

One hit wonder? When I heard the tune "Freechild" by the local band Must I figured these guys would be HUGE. Bought the album, checked the whole thing out and, well, not so much. Have not heard from them since. Still, I like this song:

Almost Big Wreck like and "That Song". Ugh.

I always have mixed feelings for the song "It's My Life" by Bon Jovi. I love the song itself, but hate it because they played it right before the Daytona 500 in a biopic about Dale Earnhardt before the race at Daytona where he died. I always associate the song with that. Anyways, here it is live:


Two songs left and what will happen?

Ok, this is a film/music blend but when The Vampire Louis goes on a revenge rampage (using the darkside of the force no doubt) you don't want to miss the action nor the stellar music that shapes it:
No embed available, you will have to click over. Sorry.
Bye bye Santiago.

Last call, get a drink and whatever else you may require.

A little Diane Lane, I mean Fire with "Nowhere Fast"?:

Love it.

Have a good night.