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Won’t Get Fooled Again

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Well, we are offically in rally mode again (small “r” rally so far at least). You can see that we had the head fake rally that fooled us into thinking that we might have one with legs – then we had the news coming out of Europe of a potential sovereign debt default from Greece (and potentially other emerging European economies).

Well, the market has begun to digest that news and we are seeing upward movement again that is the making of a Rally (big “R” rally – one that has legs). We don’t know quite yet, but the pattern of higher highs and higher lows since the low I circled on the chart above (which is clearly lower than the earlier low of the fooled rally we discussed previously) has the early indications of a rally with legs.

No promises though.

We’ve started to put some of the cash to work in companies with solid earnings or the prospect of solid earnings as the economy moves to higher ground. This may or may not be the beginning of a move back to early January prices – the first stop on our trip to the the upper end of our trading range – but it is a good point to put some money to work. So we did.

I received an email the other day from one of my fraternity brothers (which is to say a friend of 30 years) and they asked a very prescient question: “if your favorite bands/musicians are The Who, Neil Young, Led Zeppelin, Guns and Roses, and The Killers, why don’t any of them show up as videos on the blog”?

I had no answer for that so I emailed him and promised to rectify that. So, today, in honor of The Who’s performance at the Superbowl I thought I’d include a bit of their music. Didn’t you just love their halftime performance? Even fat, gray, and 60, they can still rock better than most of the new music being produced today.

In case you missed the Superbowl performance of The Who, here is how the elder statesmen of Rock n Roll should play:

Part 1

Part 2

Even in 2010, Roger still has the cleanest voice in Rock and Pete still plays a wicked guitar. RIP Keith and John.

So here’s your trivia for today: The Who broke new musical ground with the Rock Opera. Name two (both have been made into movies and one has been made into a Broadway production).

Mark