- Jan 21, 2000
- 137
- 0
- 0
Well there is little doubt that today's market gains came on the heals of NYSE, GE and Nasdaq from Cisco,which showed positive earnings,basicly surprising the street.....So what are we to expect when the shorts had their thongs pulled right up through their buttonholes today? Sure was nice to see them get dethonged.....Ok, what next????Oboy, we have tomorrow and today's action doesn't guarantee a positive tomorrow? Not if the trading pattern of late holds true. And what were today's primers along with the above,short covering at it's best,yup they really got whacked.And of course the oversold market and it was time,along with that, there were still some players on the sidelines with cash.lots of cash....
With the slide from the last couple of weeks and these two guy's coming out with positive numbers, a rally would certainly backup an already oversold market.....Will it last?Nope....The spike today was on heavy volume and that means the profit takers and shorty will be back in town tomorrow.....The drop probably won't be so drastic as the rise today,but with heavy volume it is always superseded by a rally...You ask why??Well remember Eron and Anderson and GlobalCrossing,not to forget all the others that will finally make their way into the celebrity pages of who's who of corporate shananigans,it's earnings....Yes,this part,E/R respresents the total makeup of shareholders buying power and will decide the stock price,not some off the wall fluff PR or an unexplained event that leaves shareholders holding toilet paper.........Not even some high flyer (CISCO) with a market cap into the billions, that has already taken the steam out of shareholders equity and won't come back anytime soon...So watch the drop tomorrow.....Oh, and on Cisco,this one as stated above with a huge market cap,well, their status is still in limbo.....
So what's on tap for tomorrow?A test against the
weekly jobless claims and what the economists are predicting will be a 13,000-claim decline from last week?s level of 418,000
claims, the minutes from the last FOMC meeting and a few
other indicators. On Friday, the biggie is the Producer Price
Index and some creative nondiscriptive,but extremely well chosen words from our poker face economists Alan Greenspan.
So,should we sing the rallying cry? Although,today's rally has been decent, It does lack a sustained rally and spikes are for profit takers. So the market's going to be looking for follow-through.Will it hold?Depends on the next couple of days......
Whether tomorrow brings in the profit-takers, the bears and
an equally quick retreat, well, we'll know soon enough.
Chances are, beware the clawed ones.Technology is still very much lagging behind, like a jogger wiping snot from his nose and carry a gunny sack that will just weigh down the forward motion..Unless the nostrils are clean and honed,the lagging indicators will prevail....
See you all on the trading floor.....
Have a good day......
ET
With the slide from the last couple of weeks and these two guy's coming out with positive numbers, a rally would certainly backup an already oversold market.....Will it last?Nope....The spike today was on heavy volume and that means the profit takers and shorty will be back in town tomorrow.....The drop probably won't be so drastic as the rise today,but with heavy volume it is always superseded by a rally...You ask why??Well remember Eron and Anderson and GlobalCrossing,not to forget all the others that will finally make their way into the celebrity pages of who's who of corporate shananigans,it's earnings....Yes,this part,E/R respresents the total makeup of shareholders buying power and will decide the stock price,not some off the wall fluff PR or an unexplained event that leaves shareholders holding toilet paper.........Not even some high flyer (CISCO) with a market cap into the billions, that has already taken the steam out of shareholders equity and won't come back anytime soon...So watch the drop tomorrow.....Oh, and on Cisco,this one as stated above with a huge market cap,well, their status is still in limbo.....
So what's on tap for tomorrow?A test against the
weekly jobless claims and what the economists are predicting will be a 13,000-claim decline from last week?s level of 418,000
claims, the minutes from the last FOMC meeting and a few
other indicators. On Friday, the biggie is the Producer Price
Index and some creative nondiscriptive,but extremely well chosen words from our poker face economists Alan Greenspan.
So,should we sing the rallying cry? Although,today's rally has been decent, It does lack a sustained rally and spikes are for profit takers. So the market's going to be looking for follow-through.Will it hold?Depends on the next couple of days......
Whether tomorrow brings in the profit-takers, the bears and
an equally quick retreat, well, we'll know soon enough.
Chances are, beware the clawed ones.Technology is still very much lagging behind, like a jogger wiping snot from his nose and carry a gunny sack that will just weigh down the forward motion..Unless the nostrils are clean and honed,the lagging indicators will prevail....
See you all on the trading floor.....
Have a good day......
ET