Congratulations to President Obama for winning the election. I wish him the best of luck as we move forward. What? He isn't? But ABC, CBS, NBC said... covered... oh, never mind! I really wish I could write just about the technical condition of the market but the miscreants continue to be ethically challenged... and that's being nice. ...

"Lets stop the speculators from bidding up oil...but let's also stop the speculators from bidding down the financials." ...

Well, if there was ever a week to be in Hawaii, this is it. ...

Raise your hands if you believe the FINANCIAL industry had net hiring of 3,000 last month? Who are they trying to kid? ...

In my last couple of reports, I mentioned the better action in areas like HOUSING, RAILS, TRUCKERS and COMMODITIES including STEEL. Also turning up nicely were OILS, FERTILIZER and AGRICULTURE, and SOLARS. On top of that, the down and out SEMICONDUCTORS had finally turned up after an excruciating drop punctuated by no rallies whatsoever. Lastly, HOMEBUILDERS also continued to base-build off the lows. Since the market has choppped around and has now moved up into the meat of resistance....

You cannot be the CEO of any public company you want, let alone General Electric (GE). And then to tell the world on March 13th that your earnings are "in the bag" only to miss by a mile. Did anyone learn a lesson from the dude running Bear Stearns (BSC)? ...

Since the market's follow through day, the market continues to act constructively off its recent lows as up days have been on heavier volume while down days have been on light volume. One also has to like that leadership is indeed starting to show up. In past reports, I have mentioned the better action in areas like HOUSING, RAILS, TRUCKERS and COMMODITIES. This includes my now favorite group... STEEL. Also turning up nicely are OILS, FERTILIZER and AGRICULTURE. I must also add that SOLARS are now coming on strong....

I know. The market is working on a follow through day... so by definition, the market is in a confirmed rally. But as I have told you, while every bull move has been preceded by this important characteristic, not every follow through day has led to a bull move. Already, we have seen a couple of failures in this bear market. The market has now experienced a distribution day... and I am just seeing too much poor action. Maybe the market just needs time... I don't know. But I do know there remains many things I am worried about... inside and outside the market. ...

First... a few valid questions. How can the SEC investigate Bear Stearns for defending their liquidity position the week before their "demise" when in the same week, Chris Cox, the head of the SEC defended their liquidity position? How can our government open up the spigots for Fannie Mae (FNM) and Freddie Mac (FRE) when combined, they lost over $5 billion last quarter? How can the Fed save all the financial companies but throw Bear Stearns (BSC) under the bus? ...

For one day, I am going back to talking about the market... and forgetting all the noise. I will be back to blasting the players who caused this financial mess in a couple of days. ...