Comments on Fund My Mutual Fund: Second Intraday Reversal in 4 Sessions

I just reviewed the market action today, and again...

2008-05-19T21:55:00.000-04:00

I just reviewed the market action today, and again, it looked kinda scary. KOL, looked rather ominous to me, and if I had to pick a market general, it would have been the coal stocks.

Hell, even VIP has a nasty looking reversal pattern now. Had I got a piece, id probably have to take some off already. (I usually hold a little longer when the technical pattern points to a higher level - which VIP did)

I'm guessing tomorrow will open up fairly flat regardless of how the number turns out, but im interested to see how the last couple hours of the trading day plays out.

Plus our friends in AAPL and RIMM, and DRYS and ot...

2008-05-19T16:27:00.000-04:00

Plus our friends in AAPL and RIMM, and DRYS and other dry bulk.

We'll see how it goes. Just not a prudent time to press bets in my book, even if one misses some upside. Many charts are now nowhere near support so when they fall, there will be a gap since there is a vacuum before any serious support. Plus we just reversed off the 200 day moving average on the indexes, not good. But I am sure the bulls will drink up some Kool Aid tonight and give us another college try tomorrow.

Tomorrow we have the PPI number but does anyone care about inflation anymore other than a small set of bloggers such as myself :)

The reaction to the news will be important - unlike CPI, PPI has actually been allowed to show some heightened signals the past few months. We'll see if the market cares tomorrow.

earlier today, I checked in to see how the market ...

2008-05-19T16:21:00.000-04:00

earlier today, I checked in to see how the market was doing. As usual, I saw that it was again, grinding up. I looked at my sector list and I saw green lists after green lists. Just looked again, and WOW - that really did look like a reversal. Those same sectors - red lists after red lists.

I'd be weary to take off my short exposures also now. In the commodities arena, there has been leadership rotation. earlier Generals were ags, steel, and then coal later on. I think this is the first time they all took a shot together in quite a while. We'll see...