Dec 9th Market recap | Bulls on Wall Street

Dec 9th Market recap

 
 
The S&P 500 (SPX) rose 0.4%, led by a 1.3% gain in its basic-materials sector. The Nasd Composite Index (COMPQ) rose 0.5%. The Russell 2000 (RUT) closed up 0.1%.
 
 
Range Range Range Range its seems we have been drifting forever. Ive been sitting around 50% cash for the last week or so we are starting to get close to a point where its good to deploy some cash. $spy 108-109 was my area.
 
I was getting giddy like a school boy as we were approaching my buy area and whaap! the knob gobblers at citi investment upgraded 3m reversing the market.  That magical 50 point gain that made you sport wood well almost 1/2 of it was from 3m.  In the end we were just basically even.
 
OIL $uso layed a big nasty on all its holders, down for the 6th day in a row. This is a very rare occurance I can only recall one other time this happening last 6 months.
I did tip my toes lightly into $uco as a proxy for oil.  Usually a break through the lower bb and a stochastics reading under 10 we can get a decent 2-3 day snapback. If we get another drop in $uso close to 35. I will go balls deep into it and add a large amt of capital via $uco with a stop under support.
 
 
 I have a feeling the lack of volume and volatility is just all the so-called proffesionals staying on the sidelines nursing their gains of the year.  EVERYBODY made money in 2009. Porn stars, moustached midgets, fat frenchman rocking mutton chops riding around on their scooters were making 50%+ gains for the year.  I mean I havent heard the word tax loss selling this year from 1 person.  Nobody had losses.
 
In the meantime make watchlists for either range trades, breakouts, and breakdowns.  There are still good shorterm setups that are showing.  You just have to be content playing “just the tip” and keeping your positions small getting ready for the big move.  Now take some of your winnings and be patriotic and go spend eggregious amounts of money on things you dont need and really cant afford!
 
favorite picks.  $zstn (on all dips) $tmi, $yong, $xrtx (on pullback)
 
 
 
 
 
 
 
 
 
 
 

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