Actually, it is egg on the faces of the bears. And EVERYONE seems to be talking about the Dow Theory buy signal. I'll add that EVERYONE knows the Dow broke out from its 2008 trading range.
As I and many others say, what everyone knows is not worth knowing. What a chance for a colossal fake out! What is the weekend press going to say? Buy! CNBC sure featured it Friday afternoon.
Carl Swenlin of Decisionpoint.com observed that both Wednesday and Friday the market had "suspicious" gaps up at the open, supposedly as hinge buys came into the futures market under the cover of any convenient news story (Citi didn't collapse as much as we thought Yay!). Bears were forced to cover and retail fell for the chase. Yet volume was just fair.
One more thing - did it bother anyone that the solar stocks - MARKET LEADERS - were beaten up with both fists? Market leaders are supposed to lead and when they don't the market falls. Yes, things could have rotated into another group but that's not really how that happens. Leader 1 slows down and leader 2 accelerates until the switch places. Solars bonked! And tech took over? C'mon. Tech was up poo poo creek until Intel. You don't go from basement to penthouse in a day.
Rant over. Quick Takes readers, more in the next edition.
A good weekend to all!