- So what do we call today? Bears giving up? The bears having a Rex Grossman day? I've been guilty of watching for a correction since the Fall. While I have employed a QID position from time to time, for the most part I've been long lower beta holdings while keeping some cash on the sidelines. Also trading a bit on the side to keep things interesting. The portfolio has been moving up, although not at the pace of the DOW 30.
- The market has been nothing but outstanding. The pullback that we had late last week through monday was on low volume. As Bob Pisani said yesterday, anyone who can read a chart can see that we're in an uptrend. Do the bulls have enough firepower to carry this market much higher? The bears haven't been able to prove their case in the slightest. While February is supposed to be the weakest of the seasonal strengh period, the market is hear at new bull market highs! The bears have been wrong. Those looking for a correction have been wrong. Ultimately, there will be a correction. But waiting for one has been like waiting for Godot.
- I'm not about to chase this market with high beta holdings. Rather, I'll stick to my discipline and be patient.
- That's it. I'm outta here.
