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Thursday, September 29, 2011


Frankly these day in day out huge moves are really great for very nimble traders but it is getting to be too much of a casino and in the then that is not what bull markets are made of. Also a few disturbing things on the tape this morning is that after the initial surge of up up 25 points ofn the S&P we have pulled back nearly 10 points off the high. Also there isn't much strenght in energy stocks as a whole. The nasdaq is up less than 20 points. If no fresh buyers show up we could see this rally evaporate as the day wears on. None of these obstacles in and of itself will send the market tumbling but be advised that we are but one Greek headline away from circling the drain as far as today's rally goes.

MLPS were down nearly 8 yesterday and we've only gotten 2 of those points back today. So it appears to be nothing more then a dead cat bounce. We may be among the first groups to negative today if the market really starts to sell off. Nasdaq should also be among the first to turn.

Dow up 205, S&P UP 15, Nasdaq up 15 and MLSP up 2 points as of this post. Oh and ask yourself this question. If this rally is real, would the 10 year still be yielding 2%?

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