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Market Makes Music!

Cass Elliott – Make Your Own Kind of Music

spx-with-fib-2009-07-15

The market is surely singing today (my birthday, by the way). Given the rally today and the fact that our range bound market is showing some signs of life, I thought I’d share one of my favorite songs. Just click on the Mama Cass link above (but avoid singing along and trying to eat a ham sandwich) and do your best karaoke – hey, what other blog gives you a chance to do this 🙂

If you’ve followed this blog the past several weeks, you are familiar with this chart. You can see that we are rallying back up toward the 950 level. If we can break above it (remembering the rule of 3’s – it has to close above it for 3 days or by 3%), we are likely headed to the 1050 level.

Better than expected earnings reports were the catalyst for the rally as investors are moving into the camp that says the monetary stimulus is taking hold and that maybe the end of the recession is in sight.

Enjoy the rally and your karaoke experience with big mama!

Mark