Black Gold

Should have a decent day in the energy sector tomorrow.
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All Hail The Feds!

Who will be meeting on wednesday. Yesterday the futures were down 165 points pre-market, and yet the markets only managed to drop 48 points. Usually when the futures have moved pre-market more than 120 or so points or so, the day will be very directional. This morning the futures are down a little over 100 points but I think the markets will end up relatively flat today as well in light of upcoming announcements. The markets are really looking for a reason to sell at this point, but the volume has been light so far. Watch for one or two more punches to the upside courtesy of the feds this Wednesday and this Monday. Monday, May 4th is shaping up to be a pretty big day for "selling the news".
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Stress Tests

Who wants to bet that the government stress tests will beat expectations today. Aacording to "their" stress tests all 19 of the big financial institutions will be in great shape under the worst of possibilities. It will be interesting to see if the markets decide to wave the bull crap flag on that one and sell into it.

There was no news the last 10 minutes of trading yesterday to cause the massive jump we had. Whoever put the massive order in, put it in at the market. Most institutional trades are worked in using trading algorithims and programs. The buying yesterday near the close was dropped on the market. Either they knew something no one else did, or they wanted to have a green day, or both. Either way, this market is giving me the creepers.
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No Rationale

I am telling the banks and the government are mixing it up with investors. I have not seen indicators denoting short plays as obvious in a long time. Yesterday General Motors defaulted on 1 billion dollars in notes. The IMF came out and said we are in a deep recession not seen since the 30's. Bad news is being completely ignored and snippets of good news are put on a pedestal. Volume is really low. People aren't trading because the market rally's on bearish technical and fundamental plays. Everything is drastically overbought and overdone on the buy side. The markets are no longer free. The financial power houses and the government are manipulating this market.
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No Head Fake Here!

Well, so much for the head fake before continuing down. This market wants to rally so...I'm not going to get in the way of tha freight train. Amazing how resiliant capitalism is regardless of the corruption and fundamentals!
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Whew! That Stinks!

Something smells really really bad. David Kellermann, the acting CEO of Mortgage giant Freddie Mac, was found dead on Wednesday in his home. The death was "unintended" said a Fairfax County Officer. In light of all the corruption and blatent lying to the public as of late, I wonder if there wasn't something that he knew...and wanted to come clean with....(Twilight Music in background) dodododododododoooooo.....
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Head Fake

Rally this morning is a head fake. I would like to see more volume in this sell off though. The fact that volume has thus far been relatively low supports the assumption that we are forming a "head and shoulders" bottom pattern. This means that we could see an upside starting at around 740-760 on the SPX. The next leg up would probably carry the markets to the 40-60 percent rally targets I mentioned in earlier posts.
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