OK, OK

Despite my ramblings about the amount this market is stretched to the upside, it did indeed manage to put in a nice rally today.

For the record: Dow is in a confirmed rally. S&P 500 in confirmed rally. NASDAQ in confirmed rally. And the CNBC er's are in orgasm mode, readying the next bottle of bubbly for Dow 13000. Why do I think it's all a pile of crap? Why do I want to throw a brick at the screen when Abbey Joseph Cohen who Never Apologized for losing the investing public BILLIONS in the 2000-2003 tech bear market? These dufuses look like geniuses when the market is good; the test is what they say when the market is bad, and on that score Abbey Joseph Cohen is a positive MENACE TO SOCIETY.

But...It would be crazy to short this market YET. The bullish momentum is very impressive, even if I think the market is "wrong".

I even *bought* some stocks lately. Today I picked up a little environmental remediation company Ecology and Environment Inc. (EEI) (a small position, which I expect to beef up on pullbacks), I got back in RTI, took in some Eaton (ETN) which is a big player in the electronic controls market which has been on fire for some time (maybe war is good for something??)

I thought I'd focus on some stocks that I rather like lately. They feature Price/Sales < 1.5 and decent dividend payouts, plus technicals that look strong to me. But sometimes if the P/E is ridiculously low and I like the business, I'll pick up some shares anyway. That's how I picked up VLO a month or so ago.

Anyway I made money today and I'm pleased about that, but still I think there is much less to this market than meets the eye.