Tuesday, March 06, 2007

Correction in a Bull Market?

  • Rally on, Garth! Now the great debate is if we're in a dead cat bounce or if everything last week was due to "misunderstandings" and it's back to the moon we go.  How will the market close today?  Will there be follow-through tomorrow.  And what will happen when the Fed's Beige Book comes out tomorrow?
  • Everyone wants the "correction in a bull market" to be over.  Mark Haines and Erin Burnett seemed giddy at the ramp in the futures this morning.  Erin said something about the tortoise and the hare that didn't make much sense.  Was she trying to say that if we don't make any moves except buy and hold, we'll be okay?  Was she making fun of the hares who trade in, trade out, and take lots of naps during the day?  Was she watching Looney Tunes before coming into work, and just trying to work something in?
  • If this is a "correction in a bull market," then my guess is that it will probably last for more than a week.  There was lots of bullishness and speculation before last tuesday, and that takes awhile to unwind.  I remain in a conservative position with some cash, low beta holdings, and QID.  I still have some of my mo-mo stocks as I'm trading them on their charts and not what's happening in the overall market.  As far as the market, it'll be interesting to watch the volume on this rally attempt to see how convinced the buyers really are.  Oh, and the close - which is still to come.
  • Scooter Libby guilty!  And speaking of great debates, now I suppose the appeals will come and then sometime in January 2009 as Laura is knee deep in packing boxes, duct tape and sharpees, husband George will be issuing pardons.
  • So with many of the TV hits going on Spring Break, what are we supposed to do the next few weeks?  Watch reruns of Meerkat Manor?  (Flower is such a bi-otch!)
  • By August, we'll all forget about who plays for which NFL team.  Enter Yahoo NFL with all the trades, waivers, and speculation.  So the Dolphins released Joey Harrington.  Can't blame them.  So, uh, "Miss Cleo" Lemon?  Culpepper?  Looks ugly there.
  • Oh, and you probably want to know how the cheerleader auditions for the Baltimore Ravens are going.  From 200 hopefuls down to 19!  There's a reality show idea in there somewhere...
  • I'm kind of in a toasty sandwich mood today.  That.  Means.  QUIZNOS!

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