September 15, 2009
NO SPEED BUMPS IN SIGHT?
This rally has only modest volume (although more today) and positive major news remains thin but always “better than expected” (Retail Sales and Empire State Mfg Survey). But, hey, Bernanke postulates that the recession is “likely over”. Now, who the hell knew that?!! Geithner was more equivocal in his comments saying a “true recovery still has a ways to go”. Well, okay, let’s just say things are better than before.
Volume increased on an up day for a change but some of this is misleading given one glance at the late day trading on the 5 minute SPY chart. Breadth however was positive but not overwhelmingly so.
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