We got the sharp move.  Will part II play out?

Based on the tight closes in the S&P 500 over the past several days I made a prediction that we could see a sharp move in the market in one direction or the other in the coming days, and yesterday certainly qualifies as such.  But my "irresponsible" guess, as I called it, was that the sharp move would test our emotions and actually be closer to an end rather than a beginning. 

I was hoping for a sharp move down so we can get closer to that elusive long term buying opportunity because I am tired of missing these short term buying opportunities.  But this move up could be a tease.

The TV shows and newspapers are all excited that the Dow hit 11,000 again, but it is the only major index that came close to the old highs.  The rest have something to prove.

       

      

       

       

Fed Chairman Ben Bernanke will deliver his first report to Congress on monetary policy today and this certainly has the potential to move the market again today.  I don't know if that will mean another push higher or lower but you would have to think that any hawkish talk about the economy or interest rates would not be good for stocks.

Being that I am writing this Tuesday night, Valentine's Day, my wife would probably appreciate it if I wrapped this up quickly tonight.  So... we'll talk more tomorrow.

That’s all for today.  Currently 100% G fund.  Thanks for reading.
 

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