By Sell Puts
I hope the home gamers out there are following the game being played by the media. Whats the name of the game you ask? "lets change sentiment at key reversal levels". How's that for a game? According to google, if you search "stock market collapse" you get 5.4 million results, if you search market rebound you get 1.2 million results. Just a little fun with google, but this shows there is still a great deal of thinking on the bearish side of the bridge. If you watch cnbc tomorrow i bet you will notice a bearish overall tone. Is this because the players who run the show over at cnbc know we are at a key reversal level, specifically on the SPX? More chance than not they do understand this but they have a short memory over there. I am not going to single out cnbc as the sole source of the bs i believe Macke was talking about in his rant, every popular market related media source cheer leads the market up and down. Is this bad? i think no, but once again everyone should be made aware of these occurrences. Some of you out there might think this is a bit obvious but you would be suprised how many people simply do not understand the art of stock market operation. It takes a market to make a market. If you look at the chart of the SPX i posted last week, you will see we are now at the upper limit of the down trending channel, when did the media start pushing out stories about the rally being a bear rally, not the real thing, there are still problems yada yada..real answer is, when we started testing these levels. we have come to far to fast, let see how this week plays out.
Drumbeat: June 2, 2012
5 hours ago
