Random Roger had an interesting tongue-in-cheek post called “The Best February Ever.” Here are some highlights:
If we can average 1% per day for the month, like we are starting out we’ll have the best February ever.
The futures obviously got a huge boost from MSFT buying YHOO.
It seems to me I sold Yahoo into a rumor about this deal last May and now it is happening for real. Very funny.
The averaging 1% per day is obviously a joke but as I mentioned the other day, massive feel good rallies in short periods have happened before so why not again?
Are you feeling good? I am feeling so good that I am wondering if I am wrong. I shaved off a portion of a stock yesterday into the rally as I view this as typical bear market behavior but I can’t rule out that I have this wrong, this is always a possibility.
And there go the futures back down on a bad jobs number, no wait the revisions are not so bad, or are they?
The market may take a while to figure the jobs report out but the important number was negative, well until the revision next month lol.
I will say this type of volatile rally is consistent with bear market activity but maybe I do have it wrong after all?
That pretty much sums up the market behavior of last week. Bad employment news was totally disregarded, and the markets advanced as if there was no worry in Wall Street wonderland.
While I agree with the view that this is a bear market rally, I am also aware that at some point a continued move up may signal the return to bullish territory. However, I’d rather be a little late on the upside than being whipsawed and having to sell a few days later again.