Stock Market -- Short Term

In the 9/24 post on short term prospects for the market,
I suggested the shorter run trend was clearly up and that
the huge jump in the indices in the immediate wake of the
Fed's announcement that It was shaving 50 bp off of the FFR%
produced a likely bullish or healthy heavy overbought. Last
week saw more of a consolidation than clear profit taking,
and yesterday's spike brought the market into strong over-
bought territory once again. The last strong entry point was
Mon. 9/10, with the SP 500 at 1452, and frankly, the trajectory
up from that date seems awfully fast. So, I have moved to the
sidelines as I am trading and not investing at present. From
my perspective, technical conditions do not warrant a short or
put position at this time.

On a lighter note, the 50th high school class reunion was a
terrific experience. As I look back, I was fortunate to have
attended high school with such an exceptional group of boys
and girls and to have gone to a school that emphasized
personal achievement as firmly but quietly as it did. I missed
the ones we lost and the ones who did not attend, but the
turnout was still large and it was great to see old friends
again. If you are in pre-geezer mode like me, I strongly
recommend you attend your 50th whence it comes.

The beautiful wife and I also hit the Big Armonk, NY art show.
It is just mind boggling to see all of the fine arts media
and the very high quality throughout. I'll put some of the
artists' websites up as links in coming days.