It seems like over the last few days investors have lost their minds. the SP500 is up more then 7% in a week, on mediocre economic news that point to the fact that the recession is not as bad as previously expected. Thank god for this mornings Bernanke testimony, to pour some cold water on the lemings.
Of note the SP500 pushed past the 950 mark for about an hour before getting slammed down again. Analysts are paying close attention to this number, as most predict that this is where the summer time rally will stall. There is a lot of money tied to the options around this number, so it will be very interesting to see just who will win this battle. A piece of advice to the average investor, sometimes its wise to pass.
- Arthur Smelyansky
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