Nice rally to close the day as the contr…
Nice rally to close the day as the contra hour reversed yesterday’s ugly close and powered us steadily higher. I bought the DBA and that’s it today.
One of my old mentors used to tease me about an answer I once gave on CNBC, when I answered Larry Kudlow’s question of “Cody, is the stock market going up or down next?” and I said, “If we go higher, we’ll go higher. If we go lower, we’ll go lower.” It would have made much more sense if I’d said, “If we go higher in the next day or two, I would expect that such a rally would feed on itself and embolden the bulls and spark a big rally from these levels.” On TV you learn to speak in soundbites…”If we go higher, we go higher,” wasn’t one of my best soundbites, but it does make sense, if you think about it. Anyway, my point is another day or two of some steadily upward intraday action would work to embolden the bulls and take us higher.
Get ready for earnings season, which starts in the next couple weeks and will give us some serious catalysts for some individual stocks and also for the broader markets. See ya manana.
