Meanwhile, from Jim Lackey

August 3, 2010 |

 Meanwhile the S&P has a 2 point range as of late.

So last week for the first time in years I saw big huge whales buying a few stocks. These guys were so big they did not give a…. Anyways the S&P would drop 4-5 handles and the stocks would rally. I mean really move big caps to no junk. So on this day we are very long these stocks. My buddies are cackling what if snp drops to 1100. I said so what 1100 will fail, it will do 97 and back through, who cares, these type of stock buyers unless we drop 30 today it is in every one's best interest they close at highs.

I am not BSin', 5 minutes later a fed head says Deflation. Boom. The S&P is sliced 1000 and stop run city. Ut oh.

What did the stocks do? They ripped right back up and new highs. Wow. Markets chill buyers calm down. End of day all is looking good, we can close 1100 down on day. if we have a tiny down day we will do excellent. My buddy says unless another fed head says… BOOM DOJ comes out and says ORCL has issues. All tech falls apart. It killed the close. Buddy says I wish these fed guys would just shut up or wait til after the close to talk. I said naaa. I wish they would get their friends and family long so they can talk bullish intra day.

One of the stocks was not strong long term but last week it was a rockstar…RIMM. So today all the pre market chatter was RIMM and goodness, what is with the sheiks and rimm job. Maybe it's War with Iran– close down all internet. I laughed and said maybe or perhaps the sheiks are long AAPL and they are @299

I guess you had to be there.


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