July 17th, 2013

So I didn't post yesterday because I started a new medicine for my back and it basically knocked me out stone cold lol.  However today's post won't mention yesterday because yesterday was pretty much a flat day.  Of course today was pretty flat too, although there were a couple of note-able news items.

SanDisk reported a large jump in earnings.  IBM reported a small jump after taking into account cost cutting measures, however they did state that growth was non existent in their "growth markets", indicating a slow down there.

Intel announced today that we should expect "little to no growth" for the rest of the year out of them.  This is symptomatic of the boom in the tablet market.  A lot more people are ditching traditional PC's for tablets.  I personally like having a PC and a Tablet, a PC makes a better work horse.  Having said that, a tablet can do about 90% of the things I need to do on a computer, so it's a nice substitute in most cases.

If Intel REALLY wants to compete they should start making tablet chips lol.

June housing starts fell 9.9%, which was much sharper than what anyone expected.  It looks like just when the housing market was gaining some steam, it's been hit below the belt.  Some blame Bernanke's comments for stalling the housing market, some blame the economy in general.

Bernanke announced today that the Fed WILL taper it's quantitative easing by the end of the year. He did say, however, that the Fed will do so within reason and won't do anything to jeopardize an economic recovery.  Bernanke's sent the markets on a roller coaster ride with his comments about QE.  First he says we'll do it, then we won't do it, now we will do it but "within reason."  Someone get the market some head medicine, I think it's turning schizophrenic lol.

Finally, the moment you've all been waiting for, a daily chart of BMY to see if I'm right...

Looks like a Fat Pitch going down, coming off the middle bollinger band and coming off a down trend line.  Prime time to buy some PUT options.