Nice to see the market rallying today. Its due to a combination of things. Bernanke's speech exuded much more confidence and calming tone than I've seen in awhile. When he talks in that nervous voice, I don't think anyone feels great. Also, Citi's CEO said they are profitable so far this year. I'd like to see how he determined this, but if its true, great.
I've been saying for weeks now that we're due for a bear market rally. This appears that it could be a start. This doesn't necessarily mean we've formed a bottom because there are a lot of unknowns, especially with employment, but its a welcome change.
I watched CNBC this morning for the first time in quite awhile. I continue to be astouned by how much cheerleading goes on over there. They are great in reporting news, but their commentary is just about worthless. I know its a diffficult job when you have to talk about the market daily, and people demand opinions, but all they do is talk about the coming stock rally. Its the same message I've seen when I've watched it in the past and stocks we're much higher. I find this sort of thing pretty much unwatchable. I get 99% of my news online, and plan to keep it that way.
I'm still interested in the same sectors. Agriculture, infrastrucutre, oil. Thats about it.
Hopefully the strength can hold for awhile.