Question: What do you make of today’s rally?
Simple math. This much we know:
1. We are in a bear market
2. Today was the second biggest one-day rally in the Dow.
Answer: We witnessed a bear market rally. A motherfuggin’ big one. That’s it.
As some of you may have already surmised, this is probably another sadistic attempt by Mr. Bear Market to get peoples hopes up, then kick their testicles up an inguinal canal. Sound painful? It is. A real hope killer.
FU bear market!
Hey, if I were a betting man, I’d bet this market is going back down to test the lower levels again. But as you may well know by now, I’m just a stock idiot dwelling in a cave right now.
Just know that I’m staying cautious, with hedges, cash and video games.
Hey, big ass kidney-piercing elk,…..bring it on. I’ll blast you to “kingdom come”.
Developing…..
Update: 1:00 am 10/29/08
“The NYSE saw 660 issues rising on their PnF charts and 613 falling. There were 52 new buy signals given and 15 new sell signals. There were 440 Upward Reversals and 140 Downward.
Nasdaq saw 487 issues rising on their charts and 631 falling. There were 36 new buy signals given and 27 new sell signals. There were 335 Upward Reversals and 115 Downward.
Optionable Stocks saw 1031 issues rising on their charts and 956 falling. There were 93 new buy signals given and 28 new sell signals given for a net gain of 65. There were 592 Upward Reversals and 214 Downward.”
(compiled by Dorsey Wright & Associates)
The NYSE Bullish Percent rose by 1.75% and OTC Bullish Percent rose by 0.33%. (yawn).
