The chart above is the SPDR Barclays High Yield bond fund which is defined as non investment grade corporate bonds ticker JNK. (daily chart above) This index has been roaring uninterrupted higher since March. As the chart shows, today we gapped down thru a trend line of some significance. To quote former Sec. of State Warren Christopher, I urge caution.
The JNK weekly chart shows a weekly outside reversal forming or a bearish engulfing for candlestick chart readers. Barring a massive turnaround, which given the current state of markets cannot be ruled out, this reversal MUST, I repeat MUST be paid attention to because it is occurring on the weekly chart.
The chart above is the ishares Iboxx Investment Grade corporate bond fund which is defined as investment-grade corporate bonds ticker LQD (daily chart above). Talk about a textbook chart of a bull market run. Looks almost too good to be true.
A weekly view of LQD (chart above) shows another weekly outside reversal to the downside. Again attention must be paid.
Are you paying attention to the excitement of the various financial TV anchors as the indices fight their way off the lows, set early in the session, and struggle to break even. The boobs and boobs in chairs that is now the makeup of the mainstream financial media has no shame period. They sre simply tools of the industry and the politican. Just think of the hubris and arrogance needed to call us the "idiot bloggers". The irony here is just so far beyond my ability to comprehend it.
If you are not reading on a daily basis and for that matter quite frankly, a multiple daily basis the blogs listed the the right under my favourites, then you are missing out. The blogs there are on top of what is going on around us, they are mincing no words and are unafraid to call it as it is. I cannot urge you enough to visit these blogs, read what they are saying and compare that to what you are being fed from the likes of CNBC.
Good speculating and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
Open Positions:
Long 1 unit Ultrashort Russell 2K ticker TWM @ $27.50 stop @ $26.40
Long 1 unit Ultrashort Financials ticker SKF @ $24.55 stop @ $23.49
Long 1 unit i-shares Barclay 20yr ticker TLT @ $97.80 stop @ $94.94
Short 1 unit i-shares Russell 2K ticker IWM @ $61.70 stop @ $63.80
Short 1 unit Costco ticker COST @ $58.00 stop @ $60.11
Short 1 unit Vornado ticker VNO @ $68.30 stop @ $70.71
Short 1 unit Bed Bath ticker BBBY @ $37.75 stop @ $38.41
Short 1 unit Spiders ticker SPY @ $106.00 stop @ $107.06
2 comments:
You said: "They sre simply tools of the industry and the politican. Just think of the hubris and arrogance needed to call us the "idiot bloggers". The irony here is just so far beyond my ability to comprehend it."
I find it funny that they are even that threatened by us that they (and by they I mean Dennis Kneale) would make up this entire talking heads vs financial bloggers fight. It's almost as if someone is desperate for ratings and knows that it's the bloggers who get all the attention.
Pfft.
We've seen through it forever, the cool part is now the sheep are seeing through it too. CNBC, the White House, Treasury, Fed PR - they all know that they are losing the battle and that people just aren't buying their "everything is cool" crap any longer.
Personally I couldn't be happier to see that. Go sheeple! It's about DAMN TIME!!
AG
AG,
I agree completely and to top it all off, it all couldn't be happening (re:CNBC WH, Treas, Fed) to a nicer group of self absorbed, narcissistic, vainglorious dirt bags.
HD
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