Pushing on a String

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I read a quote from Robert Prechter's Elliott Wave Forecast (10/19/2009) in which he described how he felt "calm" for the first time since the low in March about the markets.

I absolutely agree. Recently, I have been more "at peace" with where we are at in the markets than I have at almost any other time last year. In spite of 2009 being very rough for me, I am viewing the markets with a quiet, firm confidence. Even in the face of heckling posts and emails, I know firmly where I need to be positioned in the markets.

And I will say this: the kind of reaction we're seeing at the opening this morning is the best recipe the bears could hope for. Because blow-out earnings may send the markets spiraling higher shortly after they are announced, but it's a flash in the pan. AAPL earnings are great (for the moment) for those long AAPL, but it's not going to save this market. I think the feeding frenzy going on with stocks right now is wonderful.

Thanks for all your feedback last night on getting other contributors to the blog; I haven't read the comments yet, but I will, and I will take what you all have said very seriously.

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