Friday, May 18, 2007

weekly market summary

Well with all the negative hype in the media this week the market did just what many expected, it was up strong. I suspect this will continue. Believe me CNBC knows that the longer they can keep the public out of this market the longer this rally will last. I had to laugh when I saw that Eric Bolling on Fast Money was short Nasdaq and S&P futures. I'm going to take a guess and say he owns 1 of each just so they can post it in the full disclosure. This is one smart trader and he knows you let profits run. I really don't think Eric Bolling will be trying to play the amatuer's game of picking a top. On to the markets. All the indexes are looking very strong. I don't see any divergences in momentum or money flows yet. Of course if you've been following the blog you know that the direction of the big money via the COT report trumps everything else (at least for me) They're still long BTW. Another important consideration is that the Transports are also participating, a Dow Theory plus. All in all I just don't see any cracks in this bull yet.