I was sipping on my coffee earlier and I wanted to slap the television screen. People, the past two days have made me raise my eyebrows, shake my head and roll my eyes. For the record my eyes roll so intense I can knock people out. It’s dramatic. People want to read into Uncle Benny Bernanke’s testimony the other day as if he is going to hint whether or not he knows if the Easter Bunny is real. People get so into his testimony to pick up on things I am surprised it has not been played backwards to reveal him saying “I am Satan, die” over and over again. It’s a sideshow.
I’ve said it here before and I will say it again people need to stop trying to say why the market is on blazing tear to the upside murdering short sellers and bears with no remorse. If the initial mini panic over Uncle Ben shows everybody anything it’s that this market refuses to go down. People were throwing papers yelling screaming and confused when the Nikkei plunged 7% over night. Futures here got hit and like this market has done relentlessly is after the open it bids it the hell up. Then again today the market opens down and it gets bid up. Don’t fight the fed. Don’t fight the tape. People need to take a Xanax and maybe a couple shots. Chill, recharge their batteries get on grip on their lives because quantitative easing is not going anywhere anytime soon. Its just here to stay. Its been here for five years already and back in the beginning they said it would never last that long. Their word means nothing but their actions speak volumes.
Trade what you see in front of you. When I was a young buck teenager my pops made me read a book called “How to Trade in Stocks” by Jesse Livermore who was a stock market legend. This book was written in 1940 and its lessons are as valid today in the go-go trading world we live in now as they were back in the day. I will leave you with the quote that is the best piece of knowledge for the current state of affairs.
“It is not good to be too curious about all the reasons behind price movements. You risk the danger of clouding your mind with non-essentials. Just recognize that the movement is there and take advantage of it by steering your speculative ship along with the tide. Do not argue with the condition, and most of all, do not try to combat it”
Listen and learn you freaks. Good morning. Have a fantastic day.
He Hate Me