A Late Start

It is 9 a.m.,and I'm just getting out of bed. Ugh! I never sleep so late, but I had a fitful night last night. I went to a new restaurant in town; and it was extraordinarily well reviewed. However, their use of salt was overpowering. I had a lobster/sweet potato soup and the salt overwhelmed the dish. My entree was a phylo-encased Atlantic salmon with goat cheese and portabello mushrooms. It was resting on a bed of wilted spinach--the spinach was inedible as it tasted as if it were brined. Too much sodium is not agreeable to me, and I think that contributed to my wakefulness.

Plus, Daisy (English Setter) gets thirsty. That dog drinks more water than any animal I've ever seen (though she also runs all of her waking hours). She sleeps in our bedroom on a comfy bed. I clip her to my makeup table (my grandmother's old Singer peddle sewing machine); otherwise, she'll decide to get up, get water, pee someplace and poop if the mood strikes her. If she is uncomfortable (too much thirst, etc) she starts woofing. So a pop out the door around 2:30 was in order. Macy, naturally, had to go out too and supervise. Afterwards, I tossed in bed with my sodium level increased to toxic levels. The train came through around 3:44 a.m. Norfolk/Southern tracks run behind my home--a comfortable distance away, but the sound carries. There is something mildly wistful about hearing a train in the tender hours of the morning. This morning was no different. But when the alarm went off, I told Mark I would sleep in. I don't remember the last time I rolled out of bed at 9:00 a.m.

In addition to all of that night time activity, I'm still working off the tiredness from the weekend. My age is catching up with me! It might surprise you to learn that cooking is physically intensive. And putting in two back to back days of 17 and 15 hour days left me realizing that I'm still recovering from an injury! Though I have to admit that my foot hung in there better than I expected--but my ankle did swell in protest to a level I've not seen in a while!

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Enough about my luxuriating in bed!


The following is from Martin Goldberg's blog. I have his blog as a resource, and I hope that you visit there from time to time. He has a wonderful concision to his blogs and his writing that I could certainly model! I seldom lift entire blog entries by any, but I thought this one to be important and speaks clearly to the "quality" of the recent rally. And if you visit StockTiming.com you'll see a good article on the new high/new lows and what that means for the market.

Chart of Fed Ex Speaks Volumes about the March Rally

The technical picture of Fed Ex is so clear that it can be seen in a small chart. Here $80/share is important long term technical support. $100/share is resistance. After hours, Fed Ex announced that their earnings would be hurt again by higher fuel prices, and the stock traded down into the high 80's after hours friday. This event confirms that the rally from support at 80 to resistance at 100 had no fundamental basis - it was based purely on market optimism. It is my view, that the broad market rally off of the March lows were similarly based on optimism in its purest form as was seen in Fed Ex. This conclusion will be confirmed when (if) there is a similar decisive failure at S&P 500 1400, Russell 2000 at 735, and Wilshire 5000 at 14,000.