The indexes rallied today with a pickup in volume (although slightly). My market thesis, as long as Greenspan doesnt raise rates three to four more times, remains the 1994 to 1995 market scenario. If Greenspan does something that stupid, who knows, maybe 66-82 markets. Whatever. Just play the trend.
Did you see the trend today on DSTI BDCO GEOI MXC ABLE. Today was one of my best days since a day in April 2000 (I've had three days like this, the past month or so). The stocks were up 60, 30, 17, 21, and 7 percent. DSTI has been written about in my blog on April 21 and 27. On the 27th or soon after, I commented on how it was the prettiest and most properly constructed out of all my longs. Today, I sold 1/4 of DSTI, MXC. GEOI and BDCO, I still have all of original positions due to super strong and pretty chart patterns. ABLE took a quarter off table a while ago, but still have rest.
And it is not like that is all. I am long a lot of stocks, still, that have beautiful uptrends.
The market is acting very healthy, still, and there are just too many nice charts to not play this uptrend. We are either topping (doubt it) or have much further to go.
I just hope Greenspan stops with another rate hike or two.
I will be back later with more longs cause God knows I am getting a lot of candidates in my scans.
Aloha.
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