Frank Palmieri's Daily Ramblings

Watching Jim Cramer is like pulling teeth... I can't stand it...I just don't understand why anyone would listen to him.

Anyway, I digress...

I've switched to the S&P500 as my primary index indicator. The DJI doesn't have any real support levels in the 6k level. Either way, I'm short term bullish (<1 week) as the price seems to have hit the bottom of the channel. Today there was fairly heavy volume we didn't have much of a move. We event had a bit of a bullish rally mid-way through the day. The bulls are starting to push back.

When comparing SPX to VIX, one can see the reduction in volatility. It seems as if the bottoming process is finally starting. We're seeing a reduction in volatility, and prices are at 12 year historical lows. The bad news seems to have been priced into the market.

Interestingly enough, based on fundementals, Econbrowser had a post recently showing that stock prices are right around their fundemental levels right now.

So, short term, I'm a buyer, medium term, I believe this is a trading range market, and long term, I'm still very bullish. It's going to take many years to get back to where we were previously, but this is a great buying market right now.