Thursday, March 4, 2010

It's a living

Ask a sewer worker (Ed Norton?) about his job and he says it is full of, well, you know. But, it's honest work. That's not how I feel on Wall Street when I see juxtaposed headlines like this:

Optimism returns to supermarket aisle
Grocer Safeway shelves recent pessimism

These two were stacked just like this on MarketWatch. So, optimism returns but Safeway is just less pessimistic. At least I get the "job is full of, you know," feeling.

Do we buy grocer stocks? Of should we just rush out and buy food since demand is coming and we don't want to pay high prices?

How about that chart of Safeway?

Looks to me that the market restored optimism back in October when it smoked through its 200-day average. Now? How about this weekly chart?

Anybody hungry?


Ramu said...
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Ramu said...

The next leg up has started. Nasdaq is just 6 points away from last high. I am fairly confident soon it will start making new highs. There is NO volume though. Today I expected volume from bulls on good EMP numbers but still none. Surprising. But momentum looks very strong. Nobody wants to sell. Lets cheer this rally atleast until its over.