Monday, May 12, 2008

Emotional Rescue

  • Over the weekend, I had a chance to watch the home movies I had converted from old Super 8 to DVD. Tears of joy watching those.  Lots of film of family gatherings and outings.  I'm eager to have the rest of the film converted.  Really came out well.
  • Of course, that's the kind of thing that reaches down to grab me at my emotional threshold.  Which is usually safeguarded and kept far out of harm's reach.  Again, tears of joy. 
  • Anyways, back to non-emotional reality, or maybe to rescue...  We begin options expiration week with a thrust up as (Insert Yahoo Finance Reason du Jour:)  "The stock market rallied more than 1% on Monday as investors were encouraged that the market held up to an earnings warning from FedEx and a substantial loss at a major bond insurer."
  • Okay, file that in the top ten of horrible reasons for an advancing market.  Doesn't that basically read:  The stock market rallied because the market held up.  Wherever you go, there you are.
  • It's Options Expiration week.  The playbook says that we should rally if the prior week is weak.  And it was.   Looks like the QQQQ bounced up off the 200dma, eh?  Of course, the SPY still looks as if it bounced down off its 200dma from last week and is approaching it again.

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