Let’s do this…
Futures are mixed, there’s some M&A action (biggest one being BLUD being taken private at a 30% premium), and yet more headlines and worry over Greece’s bailout (the panicky headlines will continue until the first deposit is made from the EU to the country) and the supposed budget impasse in the US (the market will probably have a one day relief sigh rally the day the Republicans and Democrats agree to stop pretending that they can’t fund their governments while continuing trillion dollar subsidies for TBTF banks, giant corporations, hedge funds, PE shops, oil companies, alternative energy companies, and so on and on).
Facts are though, we’ve just had a historic weekly rally and it has gotten the markets back to just about where we were seven weeks ago. It took six weeks of slow, dripping pain to get the (at least short-term) bottom put in back just at DJIA 12k, but when we hit that “pivot point” as I started calling the DJIA 12k level when we finally go there, it took but a week to rally the markets back.
We bought pretty much the whole way down and got very aggressive in our buying approach back at that 12k level and we’ve now got a lot of new found gains in the portfolio. I’m still very bullish overall, but I doubt I’ll be doing much long side buying now that we’ve just seen the markets rally 6-8% from where I did get aggressive. Now it’s a matter of patience and discipline as we let time and price dictate our next moves.
Hit ’em hard today, people — we’ve only got a four day work week to produce this week.
Let’s do this.