Market Thoughts
- A mea culpa for not following the sell signals from the Black Box at the end of last week. I also complained about the lack of volume in the buying, and we sure saw it come in today on the selling.
- I think we can say that there were signs that the rally was tired. I'm hearing folks quick to jump on the bear market wagon. Lets not go there just yet. We have given up about four weeks worth of gains in just two days. It's like the last month just didn't happen.
- I'm remaining long here, aware that we have seasonal patterns (sell in May) to face. No, one can't time the market with a calendar, but combined with other things that are going on I think it can help.
- And I'm also aware that moves against the trend can be sharp, volatile, and stomach churning, only to seem the trend resume. So lets see what the bulls have in the tank here and if they can resume the rally.
Political Thoughts
- You know, I can get caught up in mudslinging and the frustration of politics. The post a few ago on oil (OPEC) was one such thing. If the number one issue for people is the economy, right now it's because of energy.
- Meanwhile, politicians rarely seem to mention it. The news headlines are more concerned if Obama is a Muslim or if McCain is a doddering 72-yr old geezer. This is the time of year where we bring out abortion, flag burning, gay marriage, and school prayer. It's all rather ridiculous.
- I'd love to see a politician of either party just run on one issue: Energy. He or she could announce, "If you elect me it's going to be status quo on everything except energy. We're going to engage in an effort to restore our energy infrastructure and end our reliance on countries run by crazy dictators and regimes who are hostile to the United States."
- And that's it. Put school prayer and flag burning on the back burner for 8 years. I think those can wait.
Around the Dial
- Okay, I watched American Idol last night. It took me about 8 minutes. DVR, baby. I listened to about 30 seconds of David Archuleta. I think he's really boring and every song sounds the same, but he can sing. I'd never buy a CD of his crooning, just not my thing. I prefer David Cooke's singing, because he can do different styles. He makes even boring songs sound good.
- Kristi Yamaguchi takes Dancing with the Stars. She was the best by far.
Blog Shots
- From Adam Warner, What Can Big Brown do for You? War Emblem's sexual preference and more!
- Bill Rempel on SP500 Earnings Ex-What?
- Bob McTeer's thoughts on energy. LOL.
- Econbrowser on Oil Price Fundamentals.