As promised, here is the chart on the TLT's with some notes. I would like to go on record that I do recognize today's bar which could be a bullish portending inside day. That being said, I will not stick around long enough to get my head handed to me like others tend to do, nor will I pull a hedge fund special and average into this should it go against me. This looks to me like a nice broadening top which I know many technicians are shy to trade. I may be fooling myself but this strikes me as a hard trade which you all know I like.
A reader emailed me regarding blabbering Bob Pisani and his incessant pumping of Fedex today and their fuel cost savings. I counseled the reader to think about this the other way, his pumping is giving many out there ample opportunity to get short this ultra economically sensitive stock. I would humbly remind Mr. Pisani that it always helps to have orders and business so you can use the fuel you are gonna be saving oodles on. But why let a fact like that get in the way of a good pump, which by the way, he has done now no less than 5 times so far and its just past noon.
Good speculating to you all and never ever forget that "an investor is a speculator who made a mistake and will not admit it".
Long 1 unit Ultrashort Lehman 20yr treasury ticker TBT @ $61.70 stop at TLT $98.41
Short 1 unit Fedex ticker FDX @ $87.25 stop $91.02
Short 1 unit Int'l Bus Machines ticker IBM @ $129.05 stop at $126.36
Short 2 units of Apple ticker AAPL @ $178.05 stop at $177.76
Short 2 units Salesforce.com ticker CRM @ $56.05 stop at $60.62