Tuesday, May 12, 2009

A Little Market Chatter

Bears had every reason to rule the day today. Instead they just said, here bulls, we are like our sleep in hibernation. We broke 900 on the S&P and stayed under for an hour and it looked like we were going to really roll over. Instead we rebound, held the trend line going back to the beginning of March, and powered higher into the close. Then, just to add insult to injury, Intel had some good comments after the bell that at least initially, set the bulls up nicely.

This may just be a frustrated investor looking for a pullback but it seems once again the bulls are in solid control. There are always little different anecdotes that one could point out. The Dow Transports and the financials were solidly down. The decliners outpaced the advancers on the NYSE. But with every reason for the market to roll over, it didn't. A run back up to 930 isn't out of the question. Like I said, as someone who has been looking for a pullback, I am about as frustrated as I could be which may mean the market is about to roll over. Interesting how that stuff works but the pattern for the last 9 weeks is to be weak at the beginning of the week and rally into the end. The bears have alot to prove after today if it isn't the case this week.

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