If one seriously listens to CNBC and the like (luckily I don't, but then again Maria Bartolomo is really cute), one would be easily be led to believe that we are in the midst of a monstrous rally and everyone in the US population is just coining money.
I think it is more accurate to say that large caps are in a montrous rally: the Dow 30 stocks are on an unholy tear (best streak since 1927...does that put a shiver down your spine too?).
In the midst of this joy, there are now a whole flock of stocks that are hanging out BELOW THEIR 50-day EMA. If the market gets bad, it is a fair bet that these stocks will get REALLY BAD.
And I'm certain that you know most of them:
GOOG
IYR (REITS)
SBUX (broke down, headed towards long term resistance)
MGM
NYX (New York Stock Exchange!!!!!)
UPS (United Parcel !!!)
COH (Coach...masters of overpriced leather)
OMX (officemax!!)
GES (Guess)
UA (Underarmor...the cool shirts)
CME (Chicago Mercantile Exchange)
GM (hey, what's good for GM is good for the country, right?)
DNA (Genentech!!)
SHLD (SEARS...no wishbook here)
JCP (JC Penney)
GG (Goldcorp!!!)
HD + LOW (Home improvement duo)
AKAM (UGLY...check it out)
PG (Procter and Gamble!!!)
This is NOT an exhaustive list. There are plenty more: NFI looks about done rallying, etc. etc. etc.
DO NOT BE FOOLED BY THE POMPOM WAVING FOOLS ON CNBC. There are ill winds below the surface of this market.
About Me
- Jon88keys
- Professional Musician and general market junkie ruminates on the silliness of crowds and the ongoing decline of Western Civilization :)
1 comment:
Someone has gotten very poetic of late??
Could it be time for all of us to invest in black turtlenecks and wayfarers with black skinny jeans? We could stand on a street corner snapping our fingers and reciting death poetry!!
For added effect, we could dress the baby in black with a beret and put her in a black carriage with slogans of death to Bernanke and John Snow on the side.
Ah!!! The joys of a good protest against the Man.
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