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A GOOD DAY, BUT IS IT GOOD?    

1 January 2009 by Cullen Roche 0 Comments

I’ve been expecting a good start to the New Year, but the 6% move in the last 4 days is a bit too much too fast.  The news overall is still very negative and the earnings picture has not improved at all.  While I have been very bullish heading into the New Year I feel obligated to pare back risk at this point.  The last year has seen many textbook bear market rallies and this one looks very similar.  Light volume, no news, big % move.  Not the way you want the year to start.  I wouldn’t be shocked to see some follow-thru in the coming days, but I am not chasing this move.

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