Well, folks, we’re halfway through the month, and this month has simply sucked. The market just inches (or “yards”) higher every day on volume that’s smaller and smaller. But when the Federal Government has taken over the stock market, who needs volume? (Today’s volume was the lowest regular trading day volume of the ENTIRE YEAR).
Everyone, it seems, is just waiting for whatever drips out of Bernanke’s pie-hole on Wednesday morning. In the classic “you always fight your last battle” mentality, it seems the thought it that since the market shot higher on Bernanke’s crap LAST Wednesday, it’ll do the same THIS Wednesday. So stocks are getting bid up.
I’m trying to play it safe. I remain in 40% cash and have no large positions. I’d like for that jackass to get done before I get serious. In the meantime, below is one slightly intriguing chart, which shows how the XLU has bounced mightily up to what might be considered some pretty serious overhead supply.
I am continuing to spend my time on The New Slope Feature That Shall Not be Named. You guys are going to love it, or my name isn’t Aloicious Pisswhistle.