We have broken on through to the other side!
We chased our pleasures here, dug our treasures there but can you still recall the time we cried? (See Tuesday's title if you are confused) Apparently, no one remembers the time we cried as it's now been 10 sessions since the Dow had a down day and forget the Dow – look at the Russell – almost at our 20% line.
Our 20% line would still be breaking over the range of our new Big Chart levels (again, Tuesday's post explains it all) before we even get a chance to draw them. Actually the new goal would be 1,000 so 5% higher from here but certainly within reach at this point.
Yesterday was the first day in a long time that we didn't like the market action – it had the real feel of a pump and dump with new highs being made on very low volume during the day and then massive dumping of share on Mutual Fund suckers at the end of the day.
We couldn't even get our dip in oil and today we only caught a very small move down before the diving Dollar (82.50) pumped oil all the way back to $93.50, where it's a tough short into the weekend (but we still like the USO ($33.60) puts and SCO ($39.30) longs). Gasoline, on the other hand, was our bull play in the morning Alert to Members for the energy complex and the /RB futures flew up from our early morning from my projected $3.12 floor, all the way back to $3.15 at the close and now $3.167 at $420 per penny per contract!
AAPL is flying pre-market as the new Samsung phone may not be the iPhone killer it's been hyped up to be. Not only that but it's not even going to be delivered until May at the soonest – an old Microsoft trick we used to call "vaporware" and the staged demo left many feeling that a lot of the "features" were not ready enough to even be shown to reporters on an actual phone.
We had a big discussion this morning about Samsung, AAPL, TA vs FA and the eternal search for the TRUTH in early morning Member Chat so I'm not sure what's left to cover actually…