Thursday, May 07, 2009

Thursday Selling (and Yunjin Kim!)

  • Market staggers on news that Dodgers' Manny Ramirez (not pictured) is suspended for 50 games for testing positive for performance enhancing drugs.
  • Frustrating.  As a Dodgers fan, not for the market. Heck, the market is due for a pullback.  Maybe the Dodgers are due for a pullback, too; but, Manny won't be back until July 3rd!  Hopefully, the market up trend will resume before that.
  • Volume was higher than average today, so looks like the pullback everyone has been anticipating for the last 140 points on the SP500 is here.  That's the trouble with guessing the top. 
  • Doug Kass made a decent Tweet on Tuesday, that he was playing the market as if Monday was the blow-off top for the market.  Close!
  • It's also the week before options, and sometimes we see some weakness leading to a buyable dip before an options rally.
  • I plan on trimming the sails a bit, and will have to see if we continue to get continued distribution days on volume and rallies on lighter volume. 
  • Allison Iraheta booted off American Idol.  That's a shame.  I think she should've ended up in the final two with Adam.
  • California propositions to raise taxes appear headed towards defeat.  As you know, the state has a chronic deficit problem due to Big Spending.  Already one of the highest taxed states in the nation, citizens seem to be telling the government to cut spending. 
  • Of course, the government threatens that the first thing to be cut is education and fire fighters, and felons will be released from jail.  That's what the government leads with.  How about cutting spending from the Acupuncture Board?  Certainly a few folks could be let go from there before we let the rapists out of prisons, right?
  • Check out all the agencies in CA.  Tons of agencies nobody has ever heard of. 

Pic is of Yunjin Kim, who plays Sun on Lost.