Wake up Maggie I think I got something to say to you
It's late September and I really should be back at school
I know I keep you amused but I feel I'm being used
Oh Maggie I couldn't have tried any more
You lured me away from home just to save you from being alone
You stole my heart and that's what really hurt
The morning sun when it's in your face really shows your age
But that don't worry me none in my eyes you're everything
I laughed at all of your jokes my love you didn't need to coax
Oh, Maggie I couldn't have tried any more
- Maggie Mae
- Rod Stewart 1971
So, is that the stock market or what? The seductress for a young man. He knows it is not good for him but he cannot help himself. He buys those stocks after the open no matter what the news - good or bad. But unlike more traditional sentiment treatments, where stocks are resilient in the face of bad stuff, this time the market is going nowhere.
A lot of people are crowing about the new bull market and I've seen the term melt-up use. "If you are not long, you are wrong!" Rod Stewart continues....
You made a first-class fool out of me
But I'm as blind as a fool can be
You stole my heart but I love you anyway
Or as we bears might sing from something a little more contemporary - Wake me up, when September's ends (Green Day).
4 comments:
Hey Michael,
Thanks for today's chart of EZA, the South African ETF.
I wonder if it matters to the charts that Wal-mart made a bid for Massmart. Not so much a direct relationship since Massmart makes up only 1.35% or so of EZA, but buyouts can stir up an entire market somtimes.
South Africa is a resource play, not retail or economic play
Large spec's still net short CME Emini S&P 500 according to Fri weekly COT. So I am with you there is no bull market starting right now.
However if history is any guide there is a high probability the mid term elections may be the catalyst for another rally "gridlock".
There is a good post in the big picture blog about rallies after the mid terms.
The spark that lit the flash crash was the sale of 4.1 billion emini contracts. Thats why if you are a trader out there make it a weekly habit to look at what side the large specs are on.
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