Staying Power

I few posts ago I mentioned that although gloom was supreme on the Street, it could mean that a buying opportunity of a lifetime was unfolding.  Apparently, some folks took that seriously and bought some stocks yesterday.  But that's the problem.  There were not that many people buying yesterday.  Volume was weak which makes me wonder about the staying power of yesterday's rally.  Yes, it was nice to see and expected. Stocks had gotten down to just plain stupid levels.  Some people made 20% on GE yesterday!! Prior to yesterday there was a sense of irrationality in stock prices that is still very much there this morning.  Whether that is noticed by enough people will determine how today goes. 

Leave a Reply

Your email address will not be published.