So far so good,the first two weeks of September have yet to show it's historical fangs. The SPY Index is making year highs as well as 8 month highs as glimmers of a bottoming process keeps the S&P 500 train just rolling along fine.
We all know this is a government based recovery so far and the big question remains : what happens to the train when Obama pulls his train out of the station ? Barring some out of control world terrorist events I wouldn't expect to see them pull out any time soon until they see what is going to happen with the US dollar and the health care bill get passed.
There are so many opinions out there right now that it makes it hard to even read them all,let alone honestly form any solid opinion on where this is all going so I will stick with the charts and play stockpicker. In the meantime the VIX shorts are getting smoked,the gold bulls are still alive by their short hairs watching gold swim just under the $1000 surface and the market pros are keeping a finger ready on the sell trigger as overbought levels are all over the place but nothing there to spook it... yet !
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