Yes, I noticed that soon as I got home. I wanted a few techs today but the gap up on the open made me decide to wait until I could run through the charts this weekend and try to decipher what is up. I just feel we are going too far too fast. I thought a rally was possible but stocks going up 20% because a economic report was not as bad as expected is insane. Maybe I am done trading for a few years, but I would rather miss out than give in to the zombie approach of following money chasing stocks that are trading at earnings ratios that will take 500 years to give back purchase price. I know manias last a while but if this is how the next year is going to go, I am more convinced than ever that this will end very badly.
I haven't downloaded the charts yet so I am not sure what signals I have yet. If we keep exploding up though, I will label this a bear marke rally and start putting on shorts. I checked the past recoveries of 90, 87, 97, 98 and they didn't go straight up to old highs. We have already surpassed what they did so "this time might be different" but not in the way the bulls think <ggg> We may be having a bear rally which as Heinz talked about on the last one, are fierce, straight up then fizzle into oblivion. I am not saying this is one yet but it is starting to show signs.
New highs and lows and advancing volume was impressive though and makes a good case for the bulls. Here is some mind candy though for those that chased MSFT....
Friday October 29 5:41 PM ET
Judge in Microsoft trial delays decision by another week
WASHINGTON (AP) - Bill Gates and the U.S. government will have to wait at least another week for an intitial ruling on the government's antitrust suit against Gates's Microsoft Corp (NasdaqNM:MSFT - news).
The judge in the Microsoft trial said Friday's he's delaying for at least seven more days announcing the first phase of his verdict, meaning the earliest date for his decision will be Nov. 5.
Court officials announced last week that the judge's "factual findings" will be issued on an upcoming Friday at 6:30 p.m. in Washington, but they didn't indicate which Friday.
Under rules adopted by the court, U.S. District Judge Thomas Penfield Jackson's office will notify lawyers in the case after the close of financial markets that a decision is coming.
But even lawyers won't know the outcome until it is publicly disclosed that evening. Gates, during an appearance Friday in Florida, declined to discuss the antitrust trial or the judge's pending decision.
The court said a few copies of the findings will be available for the public and reporters at the courthouse, and electronic copies of the decision will be published by Microsoft and the Justice Department on their own Web sites.
Additionally, the court will post the findings on a Web site specially created by the Government Printing Office, at usvms.gpo.gov. ¸ The Canadian Press, 1999
Now I ask, would they set up a web site for the announcement if the judgement was that the case was being dismissed? <g>
Good Luck,
Lee |
