Another week, another up market. I still think we have further to go (possibly alot further to go) though wouldn't be surprised to see a pullback next week. We are in serious overbought territory but I am running into to many people who are so quick to say bear market rally. That has to get beaten out of the market before we can really turn lower and I think that could take some time.
Bank of America CEO Ken Lewis was at Texas A&M University in College Station yesterday morning as was CNBC Squawk Box. He met with students for a breakfast. I took a whirlwind trip to College Station last night and hung out with friends and was told Ken Lewis thinks banking is going to do well over the next few years (no surprise, what else is he going to say) but that (this I found really interesting) Europe was still in the embryonic stages of a recession. Now if Ken Lewis can recognize that, what does that really mean?? Wow!! The implications of that I think are huge.
Have heard some chatter coming from the G20 about the IMF selling some of their gold hoard to fund bailouts. That should put a pretty good cap on gold for awhile and may even drive it down. When a government entity is selling like that, I am buying. Still as bullish as ever on gold 2 to 3 years out.
Will be in Austin most of this weekend. Have a good one!!!
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