A friend of mine is a technician. He writes at Powerpoints. Here is a little of what he wrote for his weekend commentary.
The election was a “Secretariat Job.” It was Obama by 31 lengths. And post- election; it was TLP by 50 ESZ handles…Just Sayin!!! I nailed it and I don’t think the downside is even close to being over yet.
What I do think is this. The marketplace has returned to “news driven” manic mode. On Friday, Boehner says we are willing to work with the President. ESZ rallies 20 handles. An hour later Obama says up yours Boehner. I am in charge and we will be doing things MY WAY. Thanks Frank for this. https://www.youtube.com/watch?v=IXr59ZKaVTI ESZ breaks 20 handles. This is not trading. This is lunacy and I will have nothing to do with it. SCREAM IF YOU WANT TO GO FASTER
Don’t even ask me what I think. Oh what the hell. I will tell you anyhow. Obama campaigned for four years to earn four more. HE HAD TO BE NICE. He also had to get the stock market up off its March 2009 lows (Obama was inaugurated January 2009…the low was March 2009…that was lucky???). He orchestrated the most bullshit, low volume/no volume 3 1⁄2 year rally I have ever seen.
On November 6, the middle class looked at the increase in their retirement funds and voted for Obama. Those on welfare which included food stamp recpients and even an Obama phone voted for Obama. Obama got exactly what he has been campaigning for…four more years. Guess what sports fans? HE DOES NOT NEED TO BE NICE ANYMORE. He will do things HIS WAY. He will take no prisoners. You’ve seen nothing yet.
Is it look out below time? Or not?