"Now on to business news. Doug how was the stock market today. "
"Well Linda Stocks closed higher today".
Bottom line? Stocks were higher at the end of the day. Period. Dot. End of Sentence. Conclusion. The End. Nothing More, Nothing Less. Got it?
#Greebola was in its glory today, showing just why the headlines may melt away but record high stock prices are here to stay. #Greebola - The last big $SPY recovery off the lows??? The Ebola crisis.
With each passing day comes the hope that the Greece Crisis, Grexit, Greferendum, Greeno, Gringo, Grimbo, Greekethon, Mybigfatgreekdebticantpaybackbutkeepgettingbailedouton, Greebola... whatever Hashtag you can imagine, quietly fades into the sunset. Emerging the next day, week, month, is a stock market that isn't lost among endless regurgitated headlines. If Greece had a dollar for every article written about their debt crisis... well that's one way to exit this crisis.
The challenge has been how to take massive unserviceable debt - twist and contort it into 10+ headlines a day for six years? Give the writers/financial media credit or Gredit... heck lets give Greece some credit and get this crisis out to 2016... that's when the market is supposed to crash anyway. Don't those European financial ministers know that? How are stocks going to crash in 2016 if they crash in 2015? Or maybe they crash in 2015 and 2016.... I'll cover that sometimes in 2017, after its happened. For now lets put those ever present crash prognostications aside and focus on what happened today and what is likely to happen tomorrow. (FWIW I make sure I have at least one 16 letter word in all my articles - go ahead and test my abominableness)
TODAY
It all started early in the morning when stock futures rallied their highest levels of the day. It began to unravel from there.
O Little Land of Grecian Debt Why Wont you Go Away... The Hopes and Fears of all the years were in the chart today...
This morning we were back to stocks falling on Greece fears. This afternoon? Stocks rally on Greece hopes.
It was an incredible memorable session. We had tremendous intra-day head spinning moves.
After the open US Steel $X was a stock everyone was trying to sell ---the stock sucked. The company was dying. Later on in the session a miracle occurred and everything was just fine. The sellers of the morning, turned into frantic late day buyers. Were those selling in the morning that dumb? Or those buying in the afternoon that smart? Or vice versa? Either way I think the long term prognosis is rather limp. You be the judge.
$BIDU... so you are saying there's a chance? Wow what a reversal. Down near $180 and back over $188? Crazy moves. My $195 calls actually firmed at the session wore on. A lot of work remains for the name, but let's not rule out the bottom, at least short term, being in.
$WYNN? Whoops it did it again. Last week it was moving my calls 1,000%+ from $1.28 to over $10. Back at it again was $WYNN today. The chart was ripe and I posted it in the chat room before the bell. I also got some $AAPL $126 calls @.37 and $TLT $119.50 puts @.88 - A deft defying move to be holding calls through this mess of a morning. But alas the Greek Gods were smiling down from the overly debt burdened clouds... or whatever they live in that they can't afford to own.
Back to WYNN -- What a flag.
CHINA
China up 14% on the year 80% the last 52 weeks yet if I'm parsing the headlines correctly - has crashed. I don't know about you, but I'll take a market crash where my holdings are up 80% over the last 52 weeks. Sure China got ahead of itself, and perhaps there is more downside ahead, but don't let the fear mongering take hold.
Case in point, China is now in a bear market. Yes a bear market. It rallied over 100% and now it's 20% reversal has put it in bear market territory. The bear is roaring. Roar. Here are your 80% gains over the last 52 weeks. I'll take the other 20%. Roar. That's a Bernstein Bear, not a stock market bear. I'll even go out on a limb and say we haven't seen the end of the China rally. Yep. Those Bernstein Bears love to party! Especially when the honey is going around like its free.
Tomorrow
#Greebola. Tune out the noise. It will all be over soon and by some miracle the market gods will have lifted the indices to fresh record highs. Imagine that.
Amazingly enough, despite an after market close pull back, I still think we are setting up for a move higher into weeks end.
My outlook remains the same as it was last night, despite today's volatile session. Stay tuned----->>>> I'll be going over individual names later this evening on the Greek o Clock News.
