Sitting Back in my Rocking Chair 3/2/2010

Well, I'm sitting back in my rocking chair. If I was a part of a Norman Rockwell painiting, I'd be smoking a pipe. Well - I'm not smoking a pipe - or anything else.

But I am ruminating on the past couple of days' activities.

It is very easy to get excited about a reversal like we've just seen. Two days up - strongly.

But .......... we're just coming off a severe downturn. This may just be a technical bounce.

I really can't see much that is saying - hey, this is a screaming, you beaut, lay down misere BUY.

The market still has to undo a lot of damage before that happens.

Short term this still looks like a buy (by that I mean another day or two). Longer term - still doubtful.

I'll be waiting to see how this goes in the next couple of days before plonking down any serious dough for the longer term.

Cheers

Red