Don't be Penny Wise and Dollar Foolish

What should have happened all week long is happening this afternoon. The upside push seems to be a function of window dressing and nothing more. The illogical nature of this Spike can be demonstrated by the strength in non-correlated sectors such as Oil and Technology stocks. This is clearly a second chance for over-invested traders to raise cash or put on some shorts. Don't be afraid of missing the last few ticks of this strength. Focus on the fact that the stock market is still in a short term downtrend.

While we recognize some of the internals have improved i.e. Small Caps, we are alarmed by the "silver platter nature" that is being presented to the Bears once end of quarter games are over. NASDAQ 2077 is starting to seem more probable over the next couple of weeks (currently at NASDAQ 2137).

We STRONGLY urge caution at this point in time.

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