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MV Hunting Report: Bears Declare Open Season on Bulls


Rain or shine, we review the day's biggest stock stories.

Well, it looks like we're going to have to wait until Thursday to see the results of the stress tests; the Federal Reserve and Treasury said they would be held pending challenges from Bank of America (BAC) and Citigroup (C).

The overall market didn't really respond to this; the banks were down, but we still saw strength in other sectors, namely commodities. It was a wide spread rally, from Transocean (RIG) to Potash (POT) to Freeport McMoran (FCX) - even the hated Dryships (DRYS) had a nice day.

As for the S&P 500, today's action resembled the rest of the week: The bears get the market down, then Hoofy kicks in and starts buying. Boo comes across Mike Tyson-style and sell into the close. Maybe this current boxing match between the bulls and the bears is presaging much-anticipated Hatton vs. Pacquaio fight this weekend.

On Today's Buzz and Banter, Professor Jeff Cooper gave his thoughts on the S&P:

"666 low, 888 high? Get out the pointed hats? The 2002 closing low I believe was 777 if I'm not mistaken. The DJIA low in 1982 was 777. Who know Hoofy and Boo drew to 3 of a kind at the tables, Stevie?

"Since the S&P may have squared out perfectly, 720 degrees up from the low (as offered yesterday) at 888 is the March 666 low . Then what level represents 360 degrees up from low (and by definition down from yesterday's high) should a correction play out?

"774 - The S&P put itself in a stronger position when it recaptured 50% of the all time at 1576 which is 788. So, a pullback toward 774 would test this level and at the same time undercut and flush the 50 DMA."

774? I think the bears would be satisfied with a pullback to that level - I know I would.

All right, Minyans - what a week. I'm beat. I'll be at the new Yankee stadium this Saturday watching my Angels take on the much-hated Yanks.

Have a great weekend!
Position in SPY

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