So the Fed cut to zee roe point two five and the stock market took off. Who knows if it will last?
I want to point out something I wrote here yesterday. No, I am no genius but with the market shrugging off all sorts of bad news over the past week it was not really a surpriose to see a big old rally today - again, if it lasts as I am writing this at 2:50 NYT.
From yesterday's post:
"My feeling is that I want to be ready when this market surprises the heck out of us with another monster rally. That's a lot better than throwing a shoe at it as I chase it higher."
I think surprises will now come to the upside. How much worse can the news get? Barring - heaven forbid - an attack on our soil or major global leaders.
5 comments:
I am watching volume now, and in this "up, no matter what" market of the last 2 weeks with only small and temporary pullbacks, I see that the volume in today's charge was a bit higher than normal on the NYSE, but some key large stocks didn't do better than their 3-month average. I am no Jesse Livermore, but I think a few favorite stocks need to go up on higher volume for the charge to stick. JNJ, GE, MSFT, AA, CAT were all below their average vol. Some DOW stocks had higher volume but only marginally.
I am thinking most of the current volume is from institutional investors; the public is still "not even looking" at their brokerage accounts. Most will enter at the top of this rally, at which point we should be getting out.
You mention "an attack on our soil", I'm down here in florida, about 20 miles from McDill Air Force Base, I'm seeing in the news Russian Ships going to Cuba, makes me warm and fuzzy inside. You know my "fondness" of our prez elect, I can't help but wonder if the Russian's would have had the nuts to do this under McCain, I don't know, he just better not screw this up! Or me and my family will be nothing more than a list of the casualties of the beginning of WW3
Amalan,
I like your spin on things. Markets can go up without heavy volume (tired bears) but staying power is rare.
Your links under Recommended Reading --> "Dallas Business Radio interviews Michael Kahn", Interview part 1 and 2 aren't working. Can these be fixed? Thanks.
The links are now fixed. Thanks for pointing it out.
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