The bulls seem pretty happy today, as the market "consolidates" the gains from yesterday. Now I'm a bull, but I did a little cautious a few weeks ago when I sold my beta (tech, semis, and small cap growth). In one day, the market reversed the decline of the past few weeks. Pretty incredible. Now the bulls like Revshark over at realmoney say to look for the dip buyers who are underinvested.
I fall into that category, having dumped my beta. I consider myself to be an underinvested bull. Am I looking for a dip? Not exactly. Definitely not immediately. I might've been more aggressive had the market continued its April slide. But since we haven't, I'm content (at this point) to let the gunslingers stare down market seasonality and the election year cycle. Let them play that game of chicken. I can wait until near the end of summer or fall before looking to get more aggressive. Money market funds aren't paying too bad, and the gains from the first quarter this year were better than all of last year.
What's the hurry to buy the dip?
- Black Box thoughts from last night... Sells on banks and small cap growth. Sells on oil and gold, but the Black Box "no habla" gold since it never seems to get the gold market right. Also, the Black Box thinks that the bounce in tech and semis looks weak. It could be wrong on one or all of these things, though.
- The bottom 3 from American Idol last night? Elliot the Hobbit, Ace, and Kellie. Although if Kellie gets a few "cute" votes, then Paris might fall into the bottom 3. I think McPheeever and Chris Vin Deisel did the best.
- Also, I had Saturday Night Live recorded, so after Seacrest's quip about the Taylor Hicks spoof I fired up the DVR. Eh, wasn't that funny. It's on the SNL news bit, in case you want to fast forward through it to find it. The Disney cartoon vault was the best bit of the night, IMHO. In a "searching for something at least a little bit funny in SNL" kind of way.