I am sitting here thinking about how when there is an attractive massage therapist at a poignant family occasion, she will invariably say to the chief poignancy, "I have a very special session for you so let us make an appointment". Or when you get the other something very especially nice and the other says, "You deserve a great reward for this. I'll be looking forward to seeing you tonight," I can just hear the market mistress saying to one of her guests yesterday: "Well, thanks much for coming today. I am going to dig into my bag of tricks and come up with something very special today. First, I am going to go up, up, and up, for the third day in a row. And then—ha. Just when all the weak shorts who were so steadfast that things were going to the dogs last week have given up—- then I'm going to take it down a fast 2 % and kill everyone sort of like I did last Thursday when I took it down 3% in the last half hour. And the beautiful fun part of it is that I'm going to wait until the last possible minute or two like 3:20 to do it. Abandon all hope, ye who dare to doubt me".

Vince Fulco writes: 

I like to call these "something for everyone days". The strength and conviction of the n-day move trend players disappears like flash paper.

Ken Drees adds:

And it did the trick just well enough below 121 SPY downtrend line to beat the profit takers and upturn the new shorters who were waiting to deploy at that level–so the technicians were thrown to the ground as well.

Well done–finishing the day in no man's land, mid range, everyone edgy. 





Speak your mind

4 Comments so far

  1. Anatoly Veltman on September 28, 2011 9:07 am

    That shooting star closing was odds-on technically, in my book. I do want to raise a query: how will you adjust U.S. index historical data to account for the fact that (this month) we’ve bounced around more on Eurozone headlines than anything else, dwarfing individual corporate numbers/ratings, etc?

  2. Marc Strausberg on September 28, 2011 10:39 am

    Reflections on the life of Carl Icahn

    From Marc Strausberg

    Carl Icahn “survival of the fittest and “greed is good” religion has fueled his 50 year+ rampage in the Wall Street jungle. His random attacks on peaceful, generally complacent ,and then confused, corporate management (TWA, Clorox, Yahoo, Lion Gate et al) is the culmination of his life’s goal of victory over the corporate weak with no mercy to the fallen
    His record of booting out any participants in his forays who thought they would share profits with Carl is pretty grim;
    • an uncle(Elliot Scnall) who was the source of Carl’s money in his early career as corporate raider and extortionist
    • Icahn company internal managers (plump Kingsley, Dr. Mark Rashefsky, overly ambitious Russell Glass, key operative Keith Meister;) all fools who expected to get paid what they were actually were worth to Carl

    But Carl has an unusual witty side too. If you haven’t seen these two video you might be amazed by his story telling ability;
    “Texaco video
    US Steel video”

    These videos present an aspect of his persona known to just a few “friends (not counting his virtual dog)
    Carl’s view of friends “ if you want a friends, get a dog”

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  3. admin on September 28, 2011 4:38 pm

    Thanks marc for this illuminating intro to two important subjects inclding Carl’s great ability as a humorist which we enjoyed together. vic

  4. david on September 29, 2011 2:34 pm

    I think the Old Lady has one giant computer that see’s all our trades and existing reserves. I wish someone would hack it!


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