I Love Today
Great timing for a pullback. Maybe a
little more than one would like but nonetheless, overdue. The VIX spikes down,
the longs get a little full of themselves and somehow I have to throw that
senator from Vermont switching parties into the fray as reasons for today.
But I love today. Why?
It gives the bears a chance to say “I told you so.”
It creates more doubts in investor’s mind as to the longevity and durability of
the rally.
It is an absolute, positive must to keeping the rally going. Drops happen!
And lastly, I love today because the Senate passed a tax cut. It’s about time.
Loooong bases.
Here are a few with potential to put on your watch list.
(
ELN |
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News |
PowerRating): big 10-month base.
(
BAC |
Quote |
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News |
PowerRating) nudges out yesterday.
(
COF |
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News |
PowerRating): a little too
much volume on the drop today.
(
ALL |
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PowerRating): very boring but
great chart.
(
FDO |
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News |
PowerRating): base on top of
base
I couldn’t go away without telling an interesting Wall Street story. You know
how they say that there is no conflict of interest in our business. Well, I will
let you decide on this one. Hey,I just report the news.
Celestica
(
CLS |
Quote |
Chart |
News |
PowerRating) was downgraded today by Morgan Stanley Dean Witter.
Coincidentally or not so coincidentally, Morgan was turned down by Celestica to
help out with an offering that came today. Amazing stuff! Once again, I will let
you decide. I love this business.