NOTE from Tim: off to my weekly recording session for my Panic book. I’ll be back this evening! Thanks, Mark……….
(For those who say I just don’t get it…Get this!)
Nothing brings on the chance for people to point fingers, or sing like schoolchildren the old, “Nah, nah, na, nah nahhhh!” when you’re in the public eye faster than saying one thing – and having the opposite happen.
I can not begin to count just how many people I know, (let alone only vaguely familiar with) that are looking at the financial markets today as they rocket higher wanting me to explain myself. My initial response almost to a person was, “What do you mean me? Ask your financial adviser!” That’s when I could see (if not feel through an email) the absolute frustration many are having.
All kidding aside, it is with good reason they’re upset. In actuality many are coming around to an all too frightening idea that many of the people they’ve listened to (or been advised by) as well as the explanations they have relied on as “fact” is dissolving right before their eyes. They are beginning to see for themselves 1+1 is not adding up to what they’ve been told. (more…)
Here’s today’s swing-trading watch-list:
Long Achillion Pharmaceuticals (ACHN)
Over the past few days, I have been shorting, and shorting, and shorting some more. This morning, in the face of a big red number on my portfolio and a market poised to continue surging, I entered my final 35 positions, bringing my total to 143 shorts. Shortly thereafter, well, things started changing color. I am prepared to, once again, be a hero or a fool. May God smile upon the bears as they execute his holy work in this poisonous land.
I did a post back in February when DDD was about an $80 stock. Simply stated, I think 3-D printing is a fad (and this is from a person who, since 1979, has bought pretty much every new interesting technology on the first day it came out). 3-D printing has received a ton of press, but I think very few people are actually going to use the damned things. In any event, you can see how DDD has done in percentage terms since peaking earlier this year:
Yesterday went pretty much as I expected, except for the direction of course, which was up rather than down. There were an impressive list of bullish breaks over the course of the day, starting with the gap back over the 200 DMA, then a break over the 50% fib retracement level at 1920, the daily middle band (closed at 1933), and the day closed at the test of the 61.8% fib retracement level at 1943.
There is one more big resistance level above, and that is the very important 50 DMA at 1967, but in practical terms any sustained break over the 61.8% fib retracement level at 1943 will greatly increase the chances that the retracement low was made at 1820, and on a sustained break over the 50 DMA, there would be a clear target back at a test of the 2020 highs. SPX daily chart: (more…)
After reading the “0.1% Problems” post on ZeroHedge (which was about a snippet from a local paper about a fellow complaining that billionaires can get whatever they want, whereas ‘average millionaires’ in Palo Alto cannot), I thought I’d share a property listing with you good people in case you want to join me here in my fair city (my house, mercifully, I bought into back in 1991 when prices were merely above-average, and not insane).
May I present to you 258 Middlefield Road, Palo Alto, California, which is located within walking distance from my house and is a mere $1,800,000 (well, that’s the asking price, but it’ll probably go for more). The property features ample storage in the back…….. (more…)