Wednesday, July 30, 2008

Signs of Hope? Bueller?

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Financials Up. Oil and the Commodities Up.

On the same day.

That's new.

A handful of stocks I like, instead of falling back from support, are breaking through. Also positive.

Also with 10 minutes to go we have a chance to close over S&P 1280. Also positive.

I've cut back short exposure materially here in the past 30 minutes. Still heavy cash but if we can continue I might actually be buying something tomorrow ... and with a "better than expected" GDP "in the bag" tomorrow that might be the rocket fuel (i.e. Kool Aid) the market needs. Friday is a complete wildcard - if there is a bad number and the market rallies you know it is happy time. It's not the news; its the reaction to the news.

If we break last week's high (1290ish) shortly I'm going to get more bullish. If we break the 50 day moving average in the low 1300s, I am going to make Larry Kudlow sound like Peter Schiff. ;)

At this point in the market the only thing I am trusting are technicals so we'll shed the bear skin and move to grabbing the red cape ----> if technicals say it's time go "turn". And we could (?) be at the cusp... at least a short respite Mr. Market?

If we break back below S&P 1230, this post never happened. ;)

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