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Getting High


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A friend of the family that works in the Metropolitan Transit Authority's General Counsel's Office says there will be a transit strike next week. Can't imagine that will put the boys on Wall Street in a good mood, or help the Markets, although unlike many New YOrkers, I don't subscribe to the belief that everything west of the Hudson is wilderness and only what happens here is important.

On the other hand all those boys and girls holed up in Hotels without the spouse might get into some extra curriculars that improve thier mood.

In any event thought you boys and girls might want to know as it could,at a minumum, cause some disruptions with the NYSE and Nasdaq next week.

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Looking at some 15 day & 30 day Naz charts. Something that I noticed was strong support in the 1366 area... with a possible triple bottom in the 30 day time frame. If one stares at that chart long enough you can see a head & shoulders pattern with 1366 the neckline. So, to me that number looks critical.... Keep in mind failed H&S patterns are strong bad medicine for bears.... So, a pre-xmas wish would be a stong break down through that area. I do not see it today. Maybe Doc's maps will change my mind?

 

today's hedge long AMGN.....

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