10/13/2009 - Market Update

The market continued to defy the masses and the media as it continued to rally.  When grandmas and grandpas are all crying for the market to tank, then you can be rest assured that the market will continue higher.  This is exactly how retail investors are left our of rallies and end up buying at the very top.  Do you ever look at charts and wonder - gosh, only if I had bought at that price!  Guess what, you are living through the phase when stocks are now around that price.  Intel just reported their earnings with higher profits AND revenue.  Futures up 75 points.

The chart below shows that the SPX is currently at resistance.  If tomorrow closes higher and breaks through, the market will continue its run.  Once again, stay long and do not short into this market.