Thursday, March 08, 2007

Think You're A Tough Guy?

My apologies for no posts this morning. There are a few things that can keep me from the market, and my kids are two of them. I forgot to mention that I would be out of the office, as my 7-month old son was scheduled for (minor) surgery. Boy, it's not easy seeing the doctors put your baby under. They put that gas mask on and his eyes roll back, and all you can do is bite your lip. Anyway, he's doing fine now.

As for the market, there is nothing sweeter to return to my trading desk and see the Dow up a cool hundo. The Yen gapped lower last night, so we aren't hearing any yen carry trade worries today. Oil is trading lower, so there goes another headwind. And bond yields are stable. Nice.

Unbelievably, the CBOE put/call ratio is almost at 1.0 again today, after setting a new record over the last 10-day. And the ISEE is also in record low territory, trading at 56. Amazing.

I am still in the camp that thinks we will see some sort of retest after this mini-rally, but with sentiment spiking as high as it is, I am looking forward to doing some serious buying.


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