The S&P 500 chart shows a consolidation pattern in the range of last fall's long, ragged trading range. Its 200 day moving average (DMA) is falling slowly to the level of the rising 50 DMA. The consolidation pattern is centered between the two moving average curves. So it's a battle of time and price.
Yesterday shorts seems willing to press futures lower before the opening, but buyers stepped in early and then when the big uptick in consumer confidence hit the newswires, the market popped up strongly and continued strongly all day long, closing near the highs. Most of that was probably shorts covering, but some must have been buyers.
Obama Fund is long enough, but would go longer at a good time or price, viz a bear raid knocking the prices to the 50 DMA.
Word of the Day
"Tosh" - noun [$10]; a Mencken word
Tosh means 1. rubbish, nonsense; 2. (slang) a casual form of address, especially to unknown persons. Mencken usage: " ... who writes such thumping tosh ..."
Sentence: Perhaps I should start calling CNBC the Tosh Network, of Toshvision. I watched a segment last Friday on short selling, which was such butt-kissing, one sided pro-short selling tosh.
Le Mot du Jour
"Pleuvoir" - verb
Pleuvoir means to rain.
La Phrase: Il pleut ici maintenant.
Sentence: It's raining here now.