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Love and Marriage

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A lovestruck Hoofy sings the street a serenade
Getting everybody long with the lovesong that he sang
Finds a rally and steps out of the shade
Says something like-you and me babe, how about it?

(Dire Straits)

Ah, the sweet sirens of the bull...it's tempting isn't it? I just sat Hoofy down and asked him to please maintain his composure as we edge towards the weekend. Yes, there are many constructive signs for the tape, but a 10% rally since yesterday reeks of a bear trap. I know it's been a long time coming and this move was overdue, but think clearly as you make decisions into the closing bell. After all, the choices your make now will dictate your risk profile on Monday morning.

The debate will surely roar this weekend as market participants ponder the merits of this latest move. As you know, I've been actively debating whether this is "THE" rally or simply "A" rally---and I've landed in the camp of the latter. I still "think" there is a bigger move to the upside coming, but my trading bones sense that it will develop from lower levels. That said, we must acknowledge the potential that next week could bring some "upside validation" and pull money into the market. With the averages down as much as they are, you can bet that the Gorillas (read: institutions) are pining to make stand. IF (big if) the bulls can continue the mojo, the conditions for a "long squeeze" are firmly in place.

On a housekeeping note, we continue to work on making Minyanville the best it can be. I'm hopeful that, by Monday, we'll have the new text in place such that it's easier on the eyes. We're also exploring ways to make the disclosures/disclaimers less "cumbersome," although I would stress that the information included on these pages is extremely important to read and understand. We know that we're nothing without our readers, and we welcome your comments and thoughts in how to improve the process. Please feel free to write us at Suggestions@Minyanville.com.

This is going to be the last post of the week as I'm admittedly fried and ready to faceplant into my bed. Next week is going to be chock full of action, so use this weekend to get your rest and fill the tank. On behalf of the critters, have a peaceful and safe weekend, and we'll continue our journey on Monday.

One step at a time.

R.P

No positions in stocks mentioned


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