Friday Outlook: Cheerleading the Bull

April 2, 2009



Is this rally based on good economic data? Earnings news? The G-20? More regulation? Higher taxes? More debt and bailouts? Hell no! This is about the FASB caving to political pressure to allow financial institutions to mark their toxic waste to a model fantasy. It’s plain for all to see so please put the BS aside.

Now, I’m just a technician (no doubt with an attitude) and my job is to follow the dictates of the tape as best as I see it. Therefore, we’re long but, like I said yesterday, holding our nose all the way.

Volume was substantially higher today and breadth was as positive as you would imagine.




















































































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