Friday, October 5, 2007

Over Excited

Wow, can't believe how much the markets are up. The only significant piece of news today was the unemployment rate which stayed the same at 4.7%  It's funny how the general public of traders over react to good news and always over reacts on bad news.

 

These reports that came out today aren't the "holy grail" were looking for to determine if we're going into a recession or not or if the feds need to cut rates again. There is no "holy grail" that will let us know everything is ok. Only time will let us know what's going on and the more time we have the more it'll help build confidence or fear into people. So far it looks to be building confidence, doesn't mean we'll stay confident in the future though.

 

I'd like there to be some kind of sell off at the end of the day. That'll tell me that people recognize this upswing as too much and start taking profits. If not, then this could lead into next week and then maybe have some kind of sell off next weak. Either way it'll happen it's just a matter of when.

 

Overall we're looking good. Dow, SP, Nasdaq are all up big, volatility is down almost 2 points. How long will this last?

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