This Rally Is The Real Deal - For Awhile Anyways

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This Rally Is The Real Deal - For Awhile Anyways

By David Spurr on March 11, 2009 | More Posts By David Spurr | Author's Website

I think that this rally may have some legs:

Stocks can’t go down forever - Oversold
UpVolume:Down Volume on NYSE equal to UP:Down at blowoff top - broad based
Re-instate the Uptick Rule
Elimination of Mark to Market Accounting - positive impact on financial earnings
Work on making derivatives market more transparent
Gold Breaking Down
Pandit - Says C is starting to make some money

I’m not falling in love with the upside here, but I think that this rally could take us back up to the 950-1000 area, if it can muster the energy to close back above the November lows by Friday. If it can’t close at those levels by the end of the week, then I think we might see further selling. I’m still long term bearish on the fundamentals. Ultimately when this rally dies, we could very easily break the 666 lows made this week.

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