One Day Wonder

I believe that today will prove to be a one day wonder rather than the beginning of a new leg up. I will have more in the morning. Have a good night.


Anonymous said...

I think the market stays strong this week.

By the way, WNR.

What's your opinion on this one dawg? (if any)

nicasurfer said...

You see oil today.

Also bonds were ticking up after hours.

Also call buying very agressive

vix call options were trading at an above normal premium today.

This equals me short

Anonymous said...

Reason to be cautious. He was on fast money tonight.

Robert Prechter, founder and president of Elliott Wave International, provided a gloomy assessment of the market. He said the S&P is in for a "very large decline in 2010" and advised people to find a safe place for their money. "It's not a time to invest."
He also said he's very bullish on the U.S. dollar. He said 97% of the traders now are bullish in gold and 95% of the traders are bullish in silver, leaving only 3% to 8% bullish in the U.S. short dollar. He said that situation is leading to a set-up for a reversal in the dollar trade.

He said we could retest the lows of 2009.

Tsachy Mishal said...

I don't follow the refiners. But the news that some of them are shutting down capacity is definitely a good thing for the industry and pricing.