Doom News

Well they tried, but it didn't amount to much.  Too many guys took off for the long weekend, so there were not enough speculators around to paint the tape to new highs for the long weekend.

However, given that the 10, 20, and 50-day moving average of the put/call ratio has been moving up the last two weeks, and many traders complained today of a lack of available IYR and IWM shares to short, Da Boyz will probably goose it up next week.

Tough call, but it looks like the NY Composite and the EEM are close to making new closing highs:

Right now, guess which is the most important question determining the fate of Western Civilization over the weekend:

1)  How many tattooed strippers and hookers did Jesse James have sex with?  Three?  Five?  Seven?

3) Why did Tiger have to pay Rachel $10 million to keep quiet?  Why not $1 million?  Or maybe $25,000/mo. for the next 5 years?  Why $10 million?

3) How many iPads will Apple sell in the 2nd and 3rd Quarter this year?  Is a huge number already priced in???

The correct answer is No. 3

Because the mighty, vaunted AAPL is now 16.8% of the NDX, and the life or death of that stock is likely to determine the life or death of the Nasdaq 100, which in turn will determine whether or not we are going into a "double dip" or not.

And chances are, the economy is not going to make it if we go into a double dip, unless the Fed hurries up and takes all the Maiden Lane entities public immediately in order to foist that risk off to various and assorted hedge funds, sovereign wealth funds, and other international playboy/action junkies.

In any event, the bottom line is that despite whatever "convulsions" may happen this spring and summer, money will not leave the stock market.

Regardless of market condition, there are always low grade hookers getting dryhumped somewhere...

Such as the ramp job in Quicksilver, Pier 1 Imports, and Jos. A. Bank today:

And there was some bargain hunting in the golds today.  Classic PigMen Shakedown in this sector.  All technical breaks under the 150-day are to be bought with a vengeance, because they are almost always reversed within days....

Even some of the steel stocks are enjoying the uninterrupted meltup, unfazed by "inflation/deflation" gyrations, USD/EUR movements, or whether or not one of the EU countries are going to hit a wall or not.

As usual, the tape is closed at a "Do or Die" point, along with various major currencies, so that all the 40:1 leveraged hedge fund managers will be anxious all weekend, wondering what is going to happen on Sunday night.

In the meantime, most of them are already headed out to JFK to pick up the Ukrainian escorts flying in for the weekend...