It is pretty interesting that a 300 point move in the DOW means very little. All that Paulson and the bailout boys have done is manufacture a move back into the range-bound areas of last week. The catch is that one would expect the BULLS would have blown through the upper boundaries for a 500 point move and at least gotten above 50-week EMAs with ease. NOPE. Now take a look at the VIX...finding support above its EMA's...What worked:
Consumer staples were on fire...a lot of new highs made. Checkout CHD, PG, GIS, HNZ.
CALM has retraced and may be worth picking up some calls on here.
What did not:
Technology got taken out to the woodshed....
AAPL, RIMM, GOOG, etc
Why:
Bottom-line is the BULLS have to have follow-through tomorrow and same store sales at 7:45 am prior to the open, Pending Home sales at 10am will slow the upward momentum.
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