We have turned into France. If business cannot fix itself the government will fix it. The Fed promised to buy everything with a quote. No, wait, that can’t be right. Yeah, the Fed promised to buy everything even if there is no quote. No symbol. So, with 74% of Americans believing we are headed to Depression the Fed pulled out everything. Everything. No guessing. If this doesn’t work we are toast.
Notwithstanding all the jibber jabber above, I am willingly going along. Had a great day and look for some more until the calender turns. While the market discounts maybe six months ahead there is general consensus that we will have recessionary numbers until 2010. So, there will be plenty of down days coming up. Be nimble.
As suggested last week there are too many portfolio managers fighting for their livelihood. And that makes for a bid under the market. One thousand (closed at 913 today) on the S&P a possibility before year end.
With Obama’s presidency getting close and oil prices inching up am wondering if solar stocks could have a bounce. TAN is a solar ETF which once traded at $30+ and closed today at $7.53, up 7.72%. We are likely to get profit taking over the next day or two. Picking TAN up at $7-ish might be interesting.
