Bounce, Now What?

We got the oversold bounce I was looking for today.  As the Timothy Geithner hearings went along today and it appeared he would be appointed Treasury Secretary, the markets calmed down and strengthened.  I don’t think there is any chance he won’t get in.  I think the Republicans wanted to use this opportunity to beat him up a little as the Democrats have been getting some good press the past few days, weeks, & months.  The fact that he’ll be our next Treasury Secretary didn’t hurt the markets.  I mentioned yesterday covering some of my short positions expecting an oversold bounce.  I said we’d have to monitor the rally to see if it had any staying power.  It’s too early to tell.  The internals weren’t bad today but the volume wasn’t exactly strong.  So, I made no moves today.  If we get some follow through on low volume and the internals diminish, I’ll add my short positions back on very soon.  For today, we’ll enjoy the rally.

Just a reminder that I’ll be in the Dallas/Fort Worth area tomorrow evening with Daniel Frishberg doing our strategy session.  It’s a free event but you do have to register.  You can go to http://www.bizradio.com to register.  I look forward to seeing you there.

By the way, after hours, Apple Inc. (AAPL) is up over 10% with excellent earnings.  What happened to all those people selling last week because Steve Jobs was taking some time off?

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