Before the Open (Mar 25)

Good morning. Happy Friday.
The Asian/Pacific markets closed mostly up; China, Hong Kong and Japan each gained more than 1%. Europe is currently most up; gains are small. Futures here in the States point towards a small gap up open for the cash market.

The market feels like it’s back in idiot mode where it defies gravity and goes up and up and up day after day. Every little dip gets bought. Has Wall St. really collectively decided $300 billion dollars in damage, thousands dead and radiation in the air and food supply in Japan is no big deal…or that military action in Libya isn’t a bid deal either?
Volume on this bounce has not been strong, and the indexes are bumping up against a block of overhead supply from late last month and early this month, so we are far from “in the clear.” But the progress has been great, and as I said a few days ago, I’m not very interested in shorting this bounce. Instead I’d like to see a little backing and filling and then another rally attempt.
I looked at hundreds of charts last night, and for the most part, they’re a mess. Almost nothing looks tradable…at least from a classic chart pattern standpoint. Many stocks dropped straight down and have now moved straight up. Others grinded down and then out of nowhere gapped up and rallied and are now sitting in no-man’s land with no support or resistance nearby. Perhaps this is the real reason I hope for a little backing and filling – so the charts can reset themselves.
It’s Friday. I see no reason to enter anything but a great set up…but I can’t find any very good ones. Hopefully some will emerge today, so we’ll have some good ones to watch early next week. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers