Sunday, April 06, 2008

And Monday It Is

Top Line: With the Friday jobs' report looking even worse than expected, the market decided not to worry about it at all. For its part, the Dow has done very little for the period Wednesday thru Friday last week but did not get very concerned about the drop in jobs. The news is that the worst "may" be over. Well, we'll see about that...

But, for the time being we agree that the market wants to go up, even the Dow with its own resistance line right here above us at 12,750. As we have said, this little line will be violated but it has been and should be strong resistance. if you look back over the past few months, this number has either been support or resistance on three or four separate occasions.

What does the week hold? Well, this will be a continuation of the quarterly earnings season but really the market has looked past all of the "past" problems, which is what earnings season is about and is looking ahead to brighter days. So, even as managements may be getting a little less cautious, but staying cautious enough, the traders are feeling the wind in their faces as the power boat revs up its engine.

The Sunday New York Times article from Gretchen Morgenson doesn't give us much new but it does provide further Main Stream Media attention being given to the mortgage issue.

This is where we will leave you this evening, even though we have more editoral comments about the world, tonight doesn't seem the best place to argue about the stock market countertrend rally. We don't know how far it will go but we are happy to be sitting it out...

FSI: 79.73 (speculators had a pretty good day on Friday)

What we do have for you is a few more grandson pics...we'll have more this week. We know that is the reason many of you have stopped by so here you go.

And one for SSP...

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