3rd 10% bounce this year …
Today we completed the THIRD(!) 10% bounce for the markets in 2009.
And guess what? … YES, I’m going to fade it … AGAIN.
We might have some air still left, BUT most of the bounce is done IMHO.
So … nice and smooth I will start to SELL any intraday “spike” or overbought levels again … Friday next week is the big March expiration.
I would NOT be surprised at all to see a RETEST of the lows by then.
Look at the “news” propelling the market higher … IF you believe the talking heads.
- GE was downgraded LESS than feared …
- BoA will earn 50bln$ before taxes & provisions this year … BEFORE!!! 
- GM does not need (NOW) the 2 bln$ they requested for March …
Take it as a technical rallye after a sharp 20% sell off, nothing more, nothing less.
Take care!
Tags: Bank of America, BOUNCE, expiration, GE, GM, outlook
