Wednesday, October 19, 2005
Yaba daba doo
Up $5,300 today thanks to healthy moves in TRT and GV (the latter due to anticipation among traders that the company's electrical repair business will see a boost in demand for its services after Wilma strikes Florida this weekend). On the whole, however, I am skeptical about today's broad market rally. The stocks that went up the most are the same stocks that have gone down the most in the past few weeks. That suggests that a lot of today's action was due to short-covering. Not a healthy basis for sustained rally.