May 29th, 2009
I’ve been on the road and unable to communicate with you but will be returning this afternoon.
The past couple of days have been surprisingly strong and the market is getting ever closer to the cross over we’ve been anticipating for a year (now at around 935). The cross could come any day now and, when it does, a deluge of sideline money will start flowing in and buying nearly every stock in one degree or another.
I wish I could say “go ahead, anticipate, get in ahead of the herd’s stampede”. But I just can’t. The market has been in the same position 4 times over the past 15 months and each time momentum failed to follow-through and the market soon disappointed. We need to make sure it won’t this time. Discipline demands that we wait for the confirmation signal.
My apologies, again. I’ll be back this weekend and promise to give you an update soon.