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Article by godoftrading    (04-24-08 02:35 PM)

$115 - $120 Oil?...bah, who cares!



Declining retail sales, housing still screwed, energy and food commodities skyrocketing - I know the market anticipates future conditions but don't the glasses seem a little extra rosy right now?

We bought a lot more Macs and stuff from Amazon. So everyone's staying home and on the internet. Does that mean the rest of the economy doesn't matter? Housing in the cellar - ha, so what, Mariah Carey had a lot of Amazon downloads!

From a short perspective, probably the creepiest thing about this stock market is the way we dinged $120 on oil and we rally anyway. If we get short capitulation here in the next few days, we could blow through resistance and get a monster rally.

Plenty of mutual funds and pension funds are sitting on huge amounts of cash after selling stock for the last six months and they exist to hold long stock. That's what they do. They sure as hell aren't in business to short stocks. If they start leaning on this thing to the upside that will push things a lot higher.

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