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| 2009-07-02 01:33 |
NOW WHAT?
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NEW YORK, NY
Check me out later today as host of "Cavuto" from 6:00-7:00 pm
EST on the Fox Business Network
The market opened lower today and has landed with a thud. Trading has been mostly sideways
since the open and more than likely will be non-eventful as the canyons of Wall Street become deserted. Also feeling emptier is the notion that the
economy is turning around. Look for speculation to increase over a second stimulus package and other goodies from the government. Here's the problem;
the public is fed up with the printing press approach that only adds to the mountain of money our children will owe. If there were signs the plan was
working then it's likely the President could pull off an incredible magic trick.
> Passing Cap and Trade
> Passing Healthcare reform
>
Passing Massive Stimulus II
Another big challenge has been tiptoeing around all the victory laps already taken. It's a delicate art form to
take back an earlier boost and I knew it was too early for back-patting when the May jobs report was released. I'm sure all the powers that be will
powwow over the weekend to plot the next course of attack. This time, the plan should center on true economic spending.
By the way, factory
orders improved for the third consecutive month, although the reading came in below consensus. The Street was looking for an increase of 1.4% but
instead got a 1.2% increase.
We
have an open SDS position higher than the current price and a few subscribers have been asking. I think that it's a good hedge, but it's only for
those that understand that a hedge isn't something to load up on but is more like an insurance policy; it's actually best if you don't ever benefit
from it. Having said that, if the major indices break key support points then l would be willing to load up on the SDS and do shorts.
Right
now, the better part of valor is to simply be cool.
We want to wish everyone a safe and healthy holiday weekend and a Happy Independence Day,
for those Canadian readers, we wish you a Happy Canada Day (albeit a day late).
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Disclaimer: Securities Operations Forum is providing this research to assist investors in determining when to buy and when to sell. All investment decisions are yours and as a result you could make or lose money. Securities Operations Forum, its employees and/or its affiliates and family members may from time to time take positions in the open market or otherwise with respect to the securities discussed, but not have stock ownership equal to or greater than 1% of the outstanding stock of the covered company nor does any employee of Securities Operations Forum sit on the Board of Directors of any covered company. The statements made herein include information obtained from sources believed to be reliable, but no independent verification has been made and we do not guarantee its accuracy or completeness. The statements made herein contain general information and do not constitute an offer to buy or sell any security. |
