Sunday, February 8, 2009

Still in 2...

Well...time is short again today...needless to say I did not expect the strength in buying over the last two days. I did think we were going to end the week up due to the weekly candles...but nothing like what we saw on Friday.
So now the count puts us back in Wave 2. CBOE equity put/call ratio hit a yearly high thursday...and was still way up there Friday...we are in super bearish areas. Alas we could see a little more upside in the morning until Geithner's speech at noon...followed by Obama's later on.
My favorite quote came from (I think) Calculated Risk regarding the performance of home builders. They have more than doubled off their lows and were exceptionally strong on friday.
"Nothing sells homes like more unemployed people..." This was in regards to the high unemployment numbers Friday, and the strong homebuilder stock appreciation :-P

PS. I am currently fully short :)