Stock market indexes climbed throughout the session today with the SP600 up 2.2% to the Nasdaq's 1.6% gain. Volume was lower, however, across the board. I would have liked to see volume pick up, but with all the individual stocks moving it appeared institutions did go to work today.
There is a lot of uber-bears out there in the chat rooms I monitor. And they all have great points. From the yield curve about to invert, to inflation, to the new Fed chief, hurricanes, and whatever. But no matter what the worries are out there, which are all excellent valid points, until it actually shows up in the charts it is useless information.
Trust me, I am worried about too many rate hikes but the charts tell me for NOW I should not worry. Who knows maybe the Fed is done. We don't know and it doesn't matter what happens in the future. What matters is what is happening now. Right now, tech stocks and some other sectors stocks are going up A LOT and have very nice charts. These are not ugly breakouts, people.
When the market rolls over I will turn bearish again but for now any bearish argument is pointless and useless if you want to make money. I dont care how much I think the market is going to fall. If the market is going up, I am wrong. Bottom line. And that is the only line that matters if you are a professional stock investor.
With all this bearishness, maybe the market will climb the wall-of-worry to new highs. I would love to see the perma bears squirm some more. I love the short side as much as the next guy but shorts can only fall 99%. Longs, on the other hand, have an unlimited amount they can move on the upside. You can not get a 1,000% on a short, in a bullish market. Much less any market. LOL. Also history shows the market goes UP over time. Not down. Why fight the trend?
Just some thoughts to think about before the bell on Tuesday. Whatever happens, enjoy.
New Swing Longs: TWGP PETS ANST OUTL VIGN FWLT REGN TQNT ARDI TMNG RADN
Longs Outperforming Market: HOM AOB CRDN PMU REDF PRLS SRLS IRIS WIRE SMSC CAMP BTUI SGR CAMD JCOM FLSH PAY NDAQ SUPX NWRE RLI KNOT CTXS VIVO TEVA SAY AH GES OXM MESA MACR NOVL MTN BBSI
New Swing Shorts: DGX
Shorts Outperforming Market: NONE
Small Caps On Radar Screen: CMRO
Sidenote: Amazing day! If you read my previous post you will see I mentioned ending October in the red. Well, if I have one more day like today that will not happen. Amazing what one day can do to your portfolio when you are positioned correctly.
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