Here We Go Again

Asia got pounded as you would expect but closed above their lowest levels and our markets are up. The S&P is currently up around 27 handles obviously contributed to a possible rethinking by Washington of the bailout bill. We will find out later today if this rally will stick or not. I’m sure there is a good chance that we could be all over the place today as longs and shorts will have anxiety about the potential outcome.

As much as some on the street may ideologically bitch and moan about a bailout, it seems obvious that the market wants it to pass as evidenced by the upward spikes every time it has the slightest hope of passing. I would do a long list but I think you will just be able to grab a dart. I do believe though, that the duration of any rally will be short lived.

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