"Hey, things are turning around. Everything is going OK! Smooth sailing from here. I think I just may go for a swim."
If we have learned anything from watching Horror Movies (And I'd like to think I have) it is these three things"
1. If you are the only one in the house when the tense music starts, you're next!
2. If you are having inappropriate teenage "relations" - there are DIRE CONSEQUENCES! (you're next)
3. Never go swimming until after the big shark explodes. (or you'll be next!") (see a pattern?)
Even if the Fed Chairman himself went on MAD MONEY and said, "I was mistaken, the economy is in great shape and instead of a tax break everyone is getting a new iPod for the new economic stimulus package."
I would still watch out for the market plunge -
New Home Sales may be up, but there is quite a supply of cheap new houses - remember my lesson on supply and demand. Additionally, there are over a million foreclosures on the horizon to keep the housing market in a slump.
Just like in the horror films - there is always one more trick up the homicidal maniac's sleeve - so be careful -
Sell the rallies - buy the breaks.
From the TradeMaven Software, Pivot/Support/Resistance for 25 Mar:
Upcoming Reports:
Tuesday:
Consumer Confidence 10:00 ET
Wednesday:
New Home Sales 10:00 ET
Thursday:
GDP (final) 8:30 ET
Corporate Profits 8:30 ET
Jobless Claims 8:30 ET
Friday:
Personal Income and Outlays 8:30 ET
Consumer Sentiment 10:00 ET
Tuesday:
Consumer Confidence 10:00 ET
Wednesday:
New Home Sales 10:00 ET
Thursday:
GDP (final) 8:30 ET
Corporate Profits 8:30 ET
Jobless Claims 8:30 ET
Friday:
Personal Income and Outlays 8:30 ET
Consumer Sentiment 10:00 ET
