Thursday, July 22, 2010

Where have we seen this before?

Where have we seen a premarket jump up followed by no action and no volume the rest of the day (I write this at lunchtime Thursday)?  Oh, yes, the rest of the entire year.

Good news from Europe and up we go. Many stocks are still getting pummeled on good earnings. Admittedly, that condition is not so much in force today with CAT and MMM doing well. Hmm, I picked CAT last week in my column.

Anyway, indices are still below 50-day averages so I am sitting tight. Growling bear noises suppressed until the week;s range is taken out to the downside and on alert in case we get a (blank) you rally before the whole thing comes tumbling down - which it will. (Oooh, bold statement).

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