Thursday, July 10, 2008

Oversold Bounce

So you had the ABX hit new all time lows, Freddie, Fannie, and Lehman all down 12% or more, oil rise by more than 3.5%, and the markets up .7 to 1%. Yep you know it is an oversold bounce. Unimaginable that the market could shake all that off. Shows you how oversold we really are and what happens if we actually have even a shred of good news. UP UP and AWAY we would go. If that trend continues tomorrow don't expect a repeat. Big news will be GE. I am not expecting anything pretty. We shall see how much of it is priced in.

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