Tuesday, January 31, 2012

Best January Since 1997

The market had another one of those days, although it started out different. Instead of heading down initially and rallying into the close, stocks opened higher, sold off, then trended up into the close. The January rally was the best since 1997, but the last week has been a little sloppy. The market has been on a nice run, and most folks are looking for a consolidation or pullback. But that can mean this kind of sideways and listless action.

The news flow was somewhat interesting. Getting the blame for the selling was a drop in consumer confidence. Europe also contributed its usual stuff, with optimism over a Greece deal and worry over Portugal. It's always something over there!

I remain about 80% long at this time.

posted from Bloggeroid

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