Today’s rally, while it probably made you feel all nice and warm on the inside, was still as cold as the grips of a long term bear market. Why? The leadership, silly. The leaders are all still coming from groups that reside in the bottom 25% of industry groups. When you have a real bull market from a bottom you can be FOR SURE that the top 25% of industry groups based on price performance will be leading the way.

Right now, there is only one area of leadership, and I am sorry folks that is not going to cut it. That group is the education stocks which are being helped by the only recent IPO out there in LOPE. Besides that we really do not have any amazing group leading. Business Services is such a diversified area that while some stocks look great some look horrible. The facts of

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Stocks put in a very impressive drive higher as another round of short-squeezing hit investors who were a little too heavily short coming into today. The reason why I would call this another short-squeeze rally is that, once again, volume has fallen on a day where the market rallies an extreme amount.

If you are playing the indexes on an intraday or very short term basis, the volume is not important and all you will need to focus on is the price action. Then you either move with the trend and/or use support and resistance on price charts to implement your methodology. However, when it comes to wanting to build stock/option positions over a period of time and reap the huge rewards that come to those who invest with those, you need to see volume expand on the rallies and retreat on the pullbacks before you can feel confident to go

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The Dow Jones Industrial Average and S&P 500 follow-through, but significant challenges remain.

The market staged an excellent rally on Tuesday with the Major Indexes up more than 10% and volume was higher than the previous day.  Stocks rallied due to the hope that a FOMC rate cut will generate enough leverage to pull this economy out of a recession.  Sadly, rate cuts simply signal that there is more downside to the economy leading the major averages down.  Once again the most recent follow-through day does not close at the highs of the attempted rally and volume was not the highest.  In addition, there were 0 new highs signalling there isn’t any strength in this market.  If we rally a bit here it wouldn’t surprise me but it will only set up shorting opportunities for many, look for this follow through day to fail.

If I were trading, day trading I would

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Adept

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Wednesday’s market action was filled with choppy price movements as Wall Street was trying to figure out if WM or LEH or both would go under that day.  LEH and WM are about to be worthless as traders continue to hammer the stock and Wall Street firms back away from both.  Bill Gross was on CNBC stating PIMCO still had LEH as a counterparty.  This is far from the truth, more than likely his firm PIMCO has a few termed trades that were put on back in March.  Technically, they are still a counterparty but he is hardly putting on new positions with LEH.  Washington Mutual (WM) continues to deal with bad loans and to no surprise they are about to be wiped out.  Yesterday’s action was merely an oversold bounce with volume coming in well below Tuesday’s level.  Again, this market is very sick and will continue to slide.

Do

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I have to admit that I saw this failure coming a MILE AWAY and have been fully prepared for it and all of my platinum members can verify this as I have been saying repeatedly that this rally was going to fail. Yet I still had NEWBIE subscribers trying to buy breakouts left and right.

Part of the problem is that I will mess around with a few hundred dollars in a stock out of a very large cash amount. Most of you can not dink around like me and must wait for a perfect setup (like XSI was close enough to) before you make your move. I will go out and buy stocks like GXDX. But that in no way, in this market, that is going nowhere, is any kind of signal for you to buy stocks.

I don’t know why some of you don’t get it but it always

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