GENIUS AT WORK

OK, can't help it. What was the last general commentary Jimmy gave us on the market. Yes, correct it was April 12, and what did he say; "Don't Like and Can't Trust this Market" as it closed at the bottom of the SPX range at 1288, 7 days ago and 22 SPX points lower. How is that for market timing. So why do we need to STOP TRADING at 3:30 for his sage advice?
If you want to go back and check realmoney.com columns, you will see he continually is bullish higher and bearish lower. Not a great plan for range bound markets.


Anyhow, the rally came and my bid on SPY was missed by a few pennies so all I could do was watch it gallop higher and break the 131 level. I still have a small position that I plan on selling into the close. I am not keen on INTC and their current fundamentals. My guess is they will have nothing good to say and that will not send the markets higher.

The NAZ Volatility Indexes VXN/QQV are the ones getting pummeled today as they are both down 7%. As I type, the VIX is back down to 11.3 and a little more than 6% below its 10 day SMA. The SPY Pivot for tomorrow looks to be around 130.75 so I see no reason to chase the markets here.