Bulls come out to play

It turns out Japan didn't end after all, and Europe really is as serious as the US about bailing out, being indebted, monetizing and doing whatever it takes to keep the old system intact.  Markets celebrate, Bloomberg quotes some robots from fringe capital management firms and all is good.  Bulls celebrate.

Here is the Oil Index chart we reviewed last week. XOI hit the 50 day moving average and now will seek the 1340 upside "max" originally noted.  I am not near net short but this is annoying.  That is my emotion talking and it is a vulnerability that must be managed.  This and many other indexes are near make or break points.  Markets are all about management, every step of the way.

This week's newsletter looked at many different markets and assets, which leaned bearish on balance, but are very close to negating this on the short term.  I'll not stand in denial of the technical analysis, whichever way it falls.

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