The dollar bounces!  ISM was simply awful!  Oil rallies…  Jobs Jamboree this Friday… And Now… Today’s Pfennig! Although, technically, it’s still the Christmas season (it doesn’t end until Jan. 11), the Santa rally that pushed the euro to 1.45, has gone away, and we’re on to the next phase, which I drew out for you over a week ago… And that is… The Obama bounce… This is something we’ll have to deal with for the next few months. It all began with a huge stock rally on Friday, and that won’t be the last one during the Obama bounce.

The dollar is kicking up its heels once again, and this is to be expected during this Obama

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MARKET COMMENT October 30, 2008 Yep, it was that kind of day. Was there any good news to account for an up day? Absolutely nothing, unless you think the GDP data falling a little less than expected was something to place bets on. Nope, the market is just oversold and this is the end-of-month prop job mutual funds and a few others need. I like it since it reduces oversold levels and risks. It’s what we’ve been expecting and why we’re in cash. What’s next? An election. Despite negative investor sentiment [just my guess so everyone calm down] toward an Obama win which seems likely, a clear win by anyone could launch a further rally and a brief honeymoon period. So desperate are bullish tape painters they ignored San Francisco Fed President Janet Yellen’s statement that “…recent economic data is deeply ...