Thursday, March 15, 2007

Longer View

OK, it's time to step back and wait for a trend to develop. I am mostly a month+ trader - the recent excitement got me involved in quickies again with the usual result, namely a waste of effort & small losses.

Yesterday both killed the prior IBD rally count due to the new low and then the rally to green made it a new "Day 1". We have inflation data today (PPI) & tomorrow (CPI). Those are very important numbers. We need a drop in core levels year over year for a sustained move up, imho.

Oil & product demand numbers yesterday were strong as usual: four week moving averages for demand was up about 5% year over year in most products and the total. No drop off at all.

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