Stop the Cheerleading

The bulls held the market in the green after a series of economic and earnings reports were better than anticipated. The Dow even briefly move above 10K, leading some to believe that the past couple of weeks were only just a brief nightmare.

A fair amount of cheerleading is going on these days. The bulls say that stocks are a buy now and have come down to attractive buy points again. The bears say this is just another oversold bounce that will yet again provide them with the opportunity to coin money after this one or two day rally disappears. No matter what your view, cheerleading is a complete waste of time. Instead, spend your time concentrating on the trades themselves and let the market do what it wants. It doesn't care if you're rooting against or for it so don't waste your time cheerleading or listening to others who engage in it.

As for my two cents, I'm actually a bit encouraged by the tape. Some momentum which has been lacking for several weeks now is starting to heat up in a few selective areas and I think some money can be made out there on the long side. While we may or may not have hit a final bottom, the tape indicates a tradeable rally is at hand. Fight it at your own risk. As always, I hope your kicking butt and taking names. See you tomorrow.