If anyone tells you that they saw this market being up 140 points in the mid-afternoon today, they are probably a liar. Futures gave no indication of a significant rally today. Aisa got hit this morning and Europe was up only a small amount when I got up at 7:00 a.m.
The S&P 500 has been sitting at the lowest it could go without generating a technical sell indicator for days now, so today's rally is most welcome. But is the rally for real? For the time being, I am neither buying nor selling. I think we need more information before we can decide on the correct course of action.
Dry bulk shippers got hit again this morning, but have been coming back toward the unchanged line. Again, I think this action is part of putting in a base for the sector. Why do I pay so much attention to this group? Because they will do well (and quickly I think) if the economy starts to turn around. If businesses begin shipping their products in large amounts the Dry Bulk Shippers should do well.
If you listen to the talking heads, you might think that earnings will be important over the next week or two. I think the talking heads have it right for a change. Intel and Goldman Sachs report tomorrow, so be ready for some action! But will it be up action or down????
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