Sundance TwentyTen has left Park City. My suggestions for films to see:
**Dock Ellis and the LSD No No - You Tube it and laugh your butt off!
**Luck - Documentary on the lottery
**Winning Time: Reggie Miller v The Knicks - (unless you are from NY). I think ESPN picked it up for the 30/30 series
**The Company Men - very relevant!
Thank you to all Sundance organizers, film makers and attendees as Park City needs, wants and respects you!!
I am also attaching a few pictures of weather during Sundance at Deer Valley Resort:
On to the markets:Don't get too excited after the first day of February closes out and we are up over 1% on the day. We have a lot of work to do and a lot of event risk this week. Earnings are still around and unemployment (unenjoyment) Friday looms. Peak at the ISM manufacturing and ISM n0n-manufacturing as well as unemployment claims on Thursday to see what the employment picture looks like heading into the government release on Friday at 8:30am Eastern.
The SPY has moved off its highs of 1150 to lows around 1075. That is 75 points it needs to make up without in order to make a higher high and continue the trend up. We can go lower without violating the uptrend, but the lower we go, the harder it will be to make a new high. The 7% drop we had is close to the magic 10% correction that may signal an end to the uptrend.
I don't know where we are headed, some people say 1000 in the Dow, others say 14000. Both seem ridiculous. But I am confident we will be choppy and sloppy, not just in the short term, but the long term as well (meaning 3-5 years).
Could be a traders paradise!!! and definitely a portfolio protection paradise.
PCTIC meets on 02/15 and my U of U Personal Trading/Investing Class starts in late February.
Happy Trading and Be Environmentally Cool with Locals Have More Fun Apparel.
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