Prepared by the good people at Random Walk, LLC. (and Scott)
Closing Prices From Yesterday
Yesterday and Today
Yesterday
The market opened on the lows and just moved higher and higher all day to close at the highs for the day. Despite small volume being traded the SPX managed to close above 2,100, and the Dow closed within 172 points of 18,000. Can you believe it? Just over a month ago the SPX was below 1900 and the Dow was at 16,000. If one went on vacation from the middle of August until today they would not realize anything happened since we are in the same spot with the Dow unchanged for the year.
TODAY
When we were falling back at the tail end of August I stated “Don’t worry, this is NOT 2008-2009. Rather, this is a normal correction that just feels scary since we have not had one in years”. Yesterday I wrote that we were going higher after a possible weak open. We did have a weak open, it is just that the weakness was the S&P being up 4 instead of up 25 like we closed.
I also mentioned that this is a trend that has not ended. The numbers the government shoots to us are as fabricated as the numbers China pukes out. Things here are bad, but we can ignore them for a long time, and we will.
My issue is that I am pretty good at seeing into the future (despite not seeing the Fed sounding like morons in August and wrecking the markets), but I am always early. I assume the disaster would have hit already, but turning oil tanker of an economy in a different direction is a much slower process than I remember. But it is coming, and I would say within a year – but probably closer to 6 months. In the meantime we will go to loftier heights to fall from.
TODAY
we did not fall 2,000 points and bounce back to the starting point simply to fall from that level again. We are going higher. I am not sure if today is a higher day or not, but the week-to-week trend is higher with 19,000 by the end of the year.
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below are reprints of the best cartoons I have found.
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Trading is almost as much fun as black jack in Vegas, but without all the annoying distractions of free drinks, Broadway shows, gorgeous people with low morals, and free buffets. It also has about the same odds of success, so when you lose all your money you wont have to walk past a smiling pit boss. Even Bruce Wayne lost everything with options in The Dark Knight Rises, and Superman keeps his day job at the Daily Planet newspaper.
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