The Morning Morsel: Where's the Friggin' Correction?

Posted by UpsideTrader
on January 27th, 2011

” I didn’t watch the State of the Union, if I want to watch a room full of big asses I’ll watch the Kardashians” – Dennis Miller

The market tagged 12,ooo yesterday, but backed off and the S&P came within a handle or two of 1300, Netflix reported after the close yesterday and paramedics have been called in to treat the shorts as broken glass is being removed from their foreheads. Potash announced a three for one split last night, raised their dividend. and doubled earnings.

Steel is ripping, coal is coming back after a brief dip, and AAPL is back to going up everyday. I love oil here.

The Fed decision was anti climatic as it always is, and bids were lifted yesterday. Some bears are calling for an imminent 8 to 10% correction. So far they have been wrong as they wait for Godot. Perhaps we will just see a series of shallow corrections along the way that will just be dip buying opportunities. Nah, I doubt it. The beat goes on for now though. Good trading.

Click here for Premium content and email upsidetrader@gmail.com for my performance.

Follow @upsidetrader

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.