Wednesday, July 15, 2009

Famous Last Words

If I'm elected unemployment will not exceed 8%.

This subprime mortgage issue is a one time event.

These institutions are to big to fail.

We will see growth resume in the second half of 09.

Need I even point out the four stooges that made those totally wrong comments. Oh yeah I forgot they run our country.

Well the market went on a tear today on encouraging news from Intel that things were getting "less worser". Meanwhile Dell said business looked just crappy going forward but that got buried deep in the back pages of the Internet. Besides no one reads past the silly headlines anyway.

Looks like the classic head and shoulders pattern that absolutely everyone on the planet spotted in the charts has a growth springing out of its right shoulder. That would pretty much end the party the bears were about to throw. But wait a minute, could it be option expiration time, could the big boys just be making all those puts the chumps bought expire worthless at the eleventh hour? Stay tuned. No good setups for tomorrow Have a nice day!