Sorry bulls but, as the great Phil Collins said:
Well it feels like something you want so bad
And then you think you’ve got it, but it’s somethin’ you already had
And you can feel it all around you, but it’s somethin’ you just can’t touch, uh huh huh
And I can feel it coming at me
Yes I can feel it coming at meAaw, did I miss again?
I think I missed again, uh huh
Very appropriately for this market, in the video, Mr. Collins is a one man air band – he pretends to be playing with instruments but THERE’S NOTHING THERE. This is just like our markets, which are being held up by the air spouting out of the MSM, GS and their government puppets while, in reality, the recovery is something you (the people) “just can’t touch, uh huh huh.”
We thought we had all our breakout levels: Dow 9,297, S&P 1,000, NYSE 6,438, Russell 562 and SOX 308 but the Nasdaq – JUST the Nasdaq, could not close the deal at 2,017. As I mentioned in yesterday’s post(when I was the only analyst in America brave enough to title an article at 8:23 am, with the futures on fire: “Will We Break Out Wednesday? No.”), 40 on the QQQQs was the key level towatch and we did open at 40.13 on theQs but all that ended up being was a fantastic short play as theydropped like a rock to39.50. In fact, the entire rally was in serious trouble yesterday but was gallantly saved by our friends at Goldman Sachs, who initiated the stick save with a slap shot at the bears as they RAISED their outlook for the GDP in the second half of 2009 by 200%, from 1% to 3% GDP. As David Fry said in his column last night:
Today’s disappointing employment report from ADP was the dose of cold water an overbought market needed to sell-off. But then the cavalry came to the rescue at just the right moment with Goldman’s call upgrading economic growth estimates. The effect was a ragged rally reducing more selling. There’s a concerted effort in officialdom and with their Wall Street brethren to lift markets they’ll use whatever new rules and tools are needed to get things going. Making you feel good makes them money and reelects incumbents. With regard to the former is this eyebrow raising Bloomberg story about how GS is making $100M per day trading. Yep,…
