This stuff on the Boob Tube drives me crazy. You are beginning to see more and more people state we are in a pattern where we sell off late in the week and than bounce on Monday and Tuesday. When too many people see the same pattern, then that is when the most of them will get hurt.
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The stats do tell us that the majority of time when the Trin closes over 3.o on NYSE, we gap higher and close higher by more than 1.2%. A wonderful service that provides tons of stats like this is SentimenTrader.com. So this means two things, either we close lower today or well below the open or we rally the entire week and not sell off on Friday.
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The other item of craziness in CNBC getting all excited about Crude at 80. We have had a good pull back in the oil market and the COT numbers show the commercial are super short Crude and they are the smart money. I think it is stupid to go against the smart money.
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