Sunday, July 10, 2011

Sunday Night Thoughts

After a pool party and some bike rides, I'm settling in and reviewing some of the market comments from various sources. $$

It appears as if most are still fairly bullish after the recent v-move up. And that's even with the bad jobs number on Friday. Their (collective) thought seems to be that the friday number lags what is really happening in the economy. Hmm, maybe.

Some of the more conservative commentators spent most of their columns or radio shows bashing President Obama's policies and railing on the employment data, and then say "but the market is going up!" I'm not sure how they reconcile their political opinions from their market opinions.

Of course, I think the economy is bigger than the President. Plus, I don't see too much difference between the parties as far as spending goes. The debt ceiling will be raised in a last-minute action of heroics. We just have to wait out the "suspense."

Overall, I think the market is heading up. But that we still have some work to do for the Summer's trading range. It wouldn't be surprising to see more approaches to the top of the range, or heading back down near the bottom of the range. The correction in the SP500 was what, 7% or so? No big deal.

So the 50dma is now beneath the current price, so that's one thing to watch. Heck, that was turning down until the recent v-move up. Not anymore!

I remain with cash, some low-beta stuff, and oil. Waiting to put the cash to work...

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