I don't have any unique insight to explain last week's market events, nor any crystal ball as to what the next week will bring. I am a big believer in the momentum indicators that we track, but when the market is gyrating the way it has, its hard to read the charts.
Our indicators say that the market is still in bear territory but we are seeing swing to the upside, in normal times that would be a cautiously optimistic sign to the bull side investors. Our best sectors still appear to be Housing and Financials, if you can believe it. I am actually liking the second tier banks that have held up well since they have little exposure to the Big Mess, and could very well come out the winners - look at BBT for example. TOL is also looking nice in the housing sector.
The only advice I am going to give this week, is be careful out there.
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