La la la - Typing To Myself

I haven't bothered with an update lately because best as I can figure, I'm the only one reading what I type. :-)

Anyway... the good news is my overall call of the S&P going to 650 (it hit 666) and subsequent move up to 1000 (at 930 right now) was absolutely right. The bad news is it didn't happen as I had pictured, therefore I missed a good chunk of the move. I NEVER expect a straight line up without a decent pullback. It's been crazy. Truly insane based on normal behavior of the market.

What's next? Damned if I know. I'm still sitting on the sidelines. I don't dare get back in at this point. This rally had no basis. Purely a "hope" rally. Hope that things are bottoming, hope that things are turning around in the economy. Grasping at straws is more like it in my opinion. The bank stress tests were rigged. News this weekend states that the banks "negotiated" with the fed to lower what was expected of them by half, or more. Unemployment news was good?!?!?!? "Only" 540,000 jobs lost in April? Well if you ignore the fact that Feb and Mar numbers were revised worse, sure it could be construed that way. Wait til next month when the April numbers are revised worse.

I'm fine just waiting. Sure, I wish I'd caught more of the 30% rally with the retirement money, but I know, without a doubt that we're far from being done with all of this. I'll have my chances in the future.

Have a good day Scott. Thanks Scott, you too.