Video Recap week ending 4/2/2010

Posted on | Friday, April 2, 2010 | No Comments

We have a guest market recapper for this week! First a couple of observations:

S&P 500: The mini closed at 78 even today, breaking out of our two week range. Paper still very active scooping up contracts at discounted prices when they sell off. Bias is still long.

CL: GS upgraded entire energy sector on Monday, naturally that only works if CL catches a bid so paper also came through with a bid at about the same time. I posted on twitter that our short term bias had to change from bear to bull. Note: loooong term bias for CL has always been bullish for reasons outlined in previous vids. We have yet to beak the high from mid Oct 09, watch your price levels but no reason why we won't go higher. Cap and trade is still coming whether you like it or not.

EURUSD: Caught a bid like we thought. ZH is johnny on the spot with their posts trying to mock GS's markets calls. However, I think that the GS calls are deliberately incorrect... We're on the right side every time. There is no reason why they wouldn't be as well unless it's some type of PR campaign to demonstrate/generate sympathy, maybe. I prefer to think they did it to fuck with ZeroHedge. They clearly took the bait, as they would. They're not very smart. Paper came through again 3/31 and they were buyers, the same happened on 4/1. Today price declined, along with everything else that was open except for the S&P. I can't make a case to get or bullish or bearish until we see Monday. Today is simply too hard to interpret because of the lack of action.

Here is this weeks video recap from my girl GloZell! Be sure to check her out on youtube

Guest from Walter Sobchak on Vimeo.

Related posts:
Recap vid week ending 3/26
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