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How can it be a “green” Saint Patrick’s-themed day on my Bloomberg screen when first thing I am watching on the TV is Meredith Whitney on CNBC? I guess Jon Stewart’s criticism of CNBC’s ever positive spin is filtering through to the CNBC producers. Maybe it is a bottom? I was having hope that we had bottomed until American Express yesterday afternoon. Now I guess I am in Missouri show-me mode. If we are bottoming, I want to see some “dow theory” things : 1) 6% yield on the dow with single P/E’s, 2) a dramatic non-confirmation by either the
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I like 90% up days. It makes me want to buy dips. The technical numbers and jargon (RSI, ADV/DECL, BREADTH, etc.) really do nothing more than help us fit pieces to the new puzzle. In lay terms, the market was so far below its moving averages, that the current market backdrop is simply that the long term equity stock holders are done with the fear selling. Does that mean we go straight up? Ha. I wish! No, we will enter a period now in which we have to tread carefully, buy dips and not breakouts, and do everything we
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