I am back on CNBC’s Power Lunch today between 1:00pm and 2pm today, with Bill Griffeth.
I expect to discuss the reversal off of the March Bear call
Once again, I am teamed with big Joe Besecker of Emerald Asset Management.
Media Appearance: Power Lunch (6/23/05)
June 23, 2005 11:26am by Barry Ritholtz
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Well done on CNBC today, as usual — but I’m still waiting for some follow up on Barry’s call last Friday where he was buying into the DOW breakout at 10610 closing (that post is no longer available here on the site) —
BLR: See this post:
http://bigpicture.typepad.com/comments/2005/06/chart_of_the_we_1.html
Maybe a caveat to the 10610 number was needed that stated something along the lines of $60+ oil.
I thought about that 10600 mark a few days back when it hit… give it a few days and see if he was right or not.
I see Barry’s provided a link to my referenced comment … I’m a big fan and I hope he didn’t think I meant to imply it was intentionally removed. I just expected to see further reference to it earlier in the week — when I imagine he must have followed through with buying into the market when his technical trading “breakout” number was hit — $60 oil or not.
Anyway — in my book he gets the benefit of the doubt — as today’s action may fit into the “bear trap” scenario he posted last Monday when he wrote:
“Crude seems to be catching all the blame for Market weakness; we could see a very similar trap established – only this time, to the upside. Imagine: Crude generating headlines as it closes over $60; on the run to $63, it scares Bulls and encourages Bears. Shortly thereafter, a rapid fall below $60 again catches Bears leaning the wrong way, and Bulls underinvested. Short covering fuels the initial move in equities, before technicals and momentum take over.
This is why we believe Traders should increase exposure to equities as the market pulls back towards support levels of Dow 10,400, Nasdaq 2,000, and SPX 1,181 for a strong second half rally.”
We’ll see.