I am finally back at a computer. I thought at some point during the week I would be able to blog but elctricity and computer problems hindered that. I just woke up from 13 hours of sleep (I don't know if I have ever slept that long) and still feel like I could sleep another 8. It was a fun week.
Was able to do some hunting with a couple of buddies. Bagged a giant hog, quail, and a good management buck. Combine that with a little "Band od Brothers", two stepping, and some fun fellowship and it was a fun few days.
I followed the markets sporadically throughout the week but what has amazed me more than anything getting back was the depth of bad news compared to the market action. Wow, just flipping through normal web sites I monitor it looks like a few bombers dropped a few major explosives on the economy. Yet, the NASDAQ was up over 1% during the week and the DOW and S&P were close to break even. We continue to be in rally mode and pyschological framework needed for these bear market rallies. I don't know if I have seen so much bearisness in my life. I am also very bearish but just think we still have several weeks or months for the markets to grind higher. Friday was a perfect example. What could have looked more bleak? At midnight Thursday night futures were down hundreds of points. All day we grinded higher and finished higher on the day. It is incredible market action and points in my mind to continued rally mode. 850 is your mark on the S&P. Markets weren't able to break down below it on Friday. I have been saying for several weeks that buying on dips or hedging your short book has been the way to go. Not seeing anything that changes that.
I have many emails to go over which I am about to get working on. If you sent me something that I am supposed to respond to and don't respond in the next 24 hours please email it again.