Morning Update: June 23, 2014

1-855-RWT-0008

Random Walk’s Motto:

Success through integrity and care. The law of abundance means we can all win.

45 Days in a row where the market has not made a >1% move. Unsustainable.

Happy Day!

June 23          10:00AM           Existing Home Sales

Yesterday and Today

Yesterday

A quiet day for the overall market. I stated in Thursday and Friday’s update last week that 17,000 is inevitable but wouldn’t happen with no numbers coming out Friday. The surprise was that the TLT was up so much. 

Today

Could today be the day for 17,000. I suspect (just a guess) that today we will touch 17,000 no problem. We do have existing home sales coming out before the open. Is that a big enough number for us to sail through 17,000 comfortably? Hmmm. Not sure. Typically what happens after the first breech of a large number like this is:

• We glide up to the number and settle right below it.

• Then we drift up and pierce if so gently.

• Sellers see that no massive run through the number is happening and we sell off.

• We then close below the number for 1,2 or 3 days.

• Sometimes the following day (meaning tomorrow) we get strong selling for some reason.

• People feel that they missed the top and sell more.

• Then good news comes from nowhere a couple days later, and we close above the magic number.

Today may be different for one reason. No one thinks we can go through 17,000. If we do go above 17,000 with any strength and no selling occurs, those who are short may panic to buy. There is a LOT of cash on the sidelines since bond funds have dwindled in size for the past year. Many fund managers have been waiting for a pull back to buy stocks, and we really have not had one. This could add to buying problems two.

We will see, and I will keep you posted when I get a sense of what we are looking at.

Vegas Reminder and Update

A reminder that the first 30 people that sign up for Vegas are being treated to a night at Cirque du Soleil. The class was announced in POT on Wednesday, and to the rest of the people on Thursday. The 30 seats are half filled, so if you want to ensure your ticket please reserve your spot by placing your $200 deposit now. Thanks. 

POT is held each Wednesday night at 7:00pm eastern.

Contact the office at 1- 855 – RWT – 0008 for more details. 

Too True To Be Funny

This is not the GLOBE. This is the AP.

Sikorski said:

Alliances with the US “isn’t worth anything” and is “even harmful because it creates a false sense of security.”

People in the US may not get this, but other countries are looking at the current administration as a bunch of (well, you know. I don’t have to say it do I?). 

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Attorney Stuff

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