Casey Ryback: "Yeah, well I also cook."
--Under Siege
After yesterday's early rally fell apart, many bears surely leaned on stocks thinking that we were heading lower post haste. However, today's higher open didn't crack, and the day was spent squeezing the eyeballs out of the shorts to a tune of nearly 3% higher on the indexes.
It does feel like we need to relieve some pressure on the tape, and today began that process. How long this relief rally lasts is of course anyone's guess. However, given the technical field position (not to mention fundies, macro), it seems that bullish moves higher from here are appetizers while bearish moves lower are entrees (thx to Kevin Depew of Minyanville for that one).
Am currently positioned for an upside snack via snivlets in Microsoft (MSFT) and Exxon (XOM). A bit more jig from here, however, and my small little plate with that tiny fork will be clean.
Will then consider waving down a waiter and ordering a main course for me and Boo.
positions in MSFT, XOM
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2 comments:
Traders with a bearish outlook could expect an upward bounce lasting 3-5 days and/or retracing 30-50% of the recent 10-day decline before heading lower.
Bulls would expect broad market averages to bust back through 200 day moving averages.
The Dow closed at 10,018 this evening. It first crossed 10,000 on March 30, 1999.
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