Thursday, April 9, 2009

TAPE READ BY JSR9900

Love this guys read of the tape.....here is his skf board post....

My assessment is that this was an outright assault on financial short sellers. SPY traded 259M shares. BAC traded over $ 1TN. XLF exceeded SPY volume. A lot of folks got wiped out today including retail whom have been making money for once in their lives off of the inverse ETF shares. As of yesterday, we were standing on the edge of the financial abyss. As of today, 2 fed governors see recovery not too far off...except that growth wont recover until 2010. Right...Meanwhile, we have a WFC announcement of record-breaking earnings yet we do not have a full picture of how the numbers have been derived. Simultaneously, our beloved presidente-elect has hit the bully pulpit with the following bullish announcements:That:1.) Its a great time to refiand2.) That the govt needs a new fleet of vehicles and the big 3 can use the business. Errm,This coming on the back of AA earnings which is a proxy for finished goods. Sales down but "not as bad when you take away the one-timers"....yes, the one-timers....you know, only one time.I could go on but I think that ultimately, the coordinated use of the pulpit was an effort to break the fingers of those whom would push the short button. They prefer that you buy and baghold long only. Many will not be pushing buttons ever again after today

2 comments:

  1. The only way to make money in this market is to hop the fence constantly.

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