Fast Money

The talking heads at Fast Money friday Night were down right giddy about this "so called" new bull market. Najarian was jumping out of his seat . Teranova the liquidator  was spieling about how the market must go higher. Question: has Teranova ever been right about anything. I mean most folks couldn't be more wrong than this cat if they tried. He loved oil all the way down, anticipated a rebound in Nat Gas that  sinks endlessly, bulls stocks like XOM, and COP every chance he gets, not to mention every other nutty idea that pops into his  wet noodle. Seems like a nice enough guy, just ignore his hyperbole. Same goes for Najarian. Nice guy to have a beer with but I'd bet dollars to doughnuts that his income comes mostly from talking and selling options advice than it does from trading. A few weeks ago, Najarian was bulling POT after a nice run up to around the 90 level. He loved it. I was short the stock . After hearing Najarian's bullish thesis on POT, I liked my odds even more, and POT subsequently sank below 80. Thanks Naj for convincing me to hold on. Adami - the general  I think they call him. He seems OK and has a decent idea now and then. Ignore the rest of what he says. I'm not a huge Karen fan either. Every time she gives a stock pick or opinion it's like she's doing it while undergoing root canal. Sort of the reluctant talking head with 101 stock ideas.  Then there's Macky. He's the one I like the most. He's also the most cynical, throws in negative Buffett comments once in a while . Hasn't Buffett's blabber mouth about holding onto "great" stocks forever crushed enough people for a generation. Mackey goes with the flow,  speaks his mind, and says shit against the establishment. He's the tape reader of the group, as far as I can tell, with no real agenda.   

Bottom Line: the giddiness at Fast Money is a good contrary indicator and suggests a sharp pullback is near. For the time being I stand by my prior comments about 1) there being plenty of time to join the bullish band wagon, and 2) buying in on your terms not the market's. For the record, Adami did say, the other night, that this rally is in the 7th or 8th inning. I agree with the General on this one. 

The NYA weekly pivot numbers are:

5700 5620 5540 5400 5320 5190 5100   ----- Friday's close 5454.

The weekly Pivot range is 5380 - 5420.  Look for support in this area. If it breaks through this range the market could be heading lower to at least S1 at 5320. I keep an eye on these levels every week for some trading perspective and support/resistance levels.