After the Geithner all-i-can-tell-you-is-I'm-gonna-spend-a-lot-of-money selloff, the market just hovered most of the day yesterday. And with nice earnings coming out of Coke (KO), a decent jobless claims number and a relatively good retail sales number, we could see some upside today. The futures are still below fair value right now. I think we still can go higher by the end of the day. I think the mentality is so negative right now that ok news can send us higher.
That said, my position in (DIA) is still small and I am looking to add on weakness. We are dangerously close to that November low in the 7600 range. If we break below there, the Dow can have a 6 handle in short order. At that point, we could see some exhausting capitulation volume and head higher. I will still be looking to add to my position on the way down.
We still have a LOT of issues to work out. There are still places to make money. Keep your positons small. Stay quick. And as always, stay low risk..
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