OK here's a very quick wrap up of what I think going into the next few days. I'm leaving town tomorrow on family business and I won't be watching during the day, but I'll probably check after hours.
1. Despite all the hubbub about this being "the bottom" etc. etc. ad nauseum. We are still laboring below some major moving averages plus we are still tracing lower highs/lower lows. The onus is on the bulls; if they can put together a decent follow through day next week maybe there is a chance of more upside testing. The verdict is NOT in.
2. Watch long bonds. They are DIRECTLY correlated to mortgage rates; if yields start to spike as I suspect they will very soon....ALL BETS WILL BE OFF vis a vis a glorious market recovery.
Why does anybody listen to these market goons anyway? Turn off CNBC and LISTEN TO THE MARKET ITSELF. See ya later.
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