Market outlook for March 13th: More of the same!

I know, no one believes the rally just as I predicted but it is true. In overnight trading the Nikkei is up over 350 points at 10:00pm PST. The Put to Call ratio settled in and closed at 0.71 today. The VIX has also dropped and closed at 41.18 and the Dow closed up today to 7,170 and the S&P 500 closed over the critical 740 resistance level closing at 751. Both the Dow and S&P closed over their 20 day Moving average. This was a very good day. TNA was up about 18% today, closing at $14.50, while SSO closed at $17.79. Ford closed at $2.10 and Apple closed at $96.35/share. The best thing about today were the skeptics. Most believe this will end shortly and no one believes we are headed to over 8,000. A close friend, Tom, asked me today, whether I thought this rally will settle down and regress in a week or so, or slowly advance over the next few months? My answer was this, "I ams not a prophet. Just enjoy the ride. I like the steadiness of it (the rally). Most say it isn't for real (and my guess are sitting on the sidelines). That is why I like it as it may prove them all wrong."

Friday is "Friday the 13th" and while it is usually a superstitious time, I am hoping we prove it wrong. I could expect a slight pullback going into the weekend but you must be impressed at the Volume these past 3 days. If the market does pull back tomorrow, I would use the pullback to add to positions in financials and the stocks and ETF's I have been pursuing. Happy Friday.