$115 - $120 Oil?...bah, who cares!
Declining retail sales, housing still screwed, energy and food
commodities skyrocketing - I know the market anticipates future
conditions but don't the glasses seem a little extra rosy right now?
We bought a lot more Macs and stuff from Amazon. So everyone's staying
home and on the internet. Does that mean the rest of the economy
doesn't matter? Housing in the cellar - ha, so what, Mariah Carey had a
lot of Amazon downloads!
From a short perspective, probably the creepiest thing about this stock
market is the way we dinged $120 on oil and we rally anyway. If we get
short capitulation here in the next few days, we could blow through
resistance and get a monster rally.
Plenty of mutual funds and pension funds are sitting on huge amounts of
cash after selling stock for the last six months and they exist to hold
long stock. That's what they do. They sure as hell aren't in business
to short stocks. If they start leaning on this thing to the upside that
will push things a lot higher.
--
godoftrading
