A low-volume, V-shaped bounce is exactly what we have seen once again. We cut through resistance and just kept running despite poor news 
flow. The financials roared out of the blocks during the first 90 minutes of trading, then nothing. We continue to see stock filing after stock filing, but it is being absorbed by buyers. As much as I would like to say we will test the February highs immediately, I think we will have at least an intraday correction first. I was watching the action and just felt that many of the technology high fliers had run so much into window dressing. We had some rotation into other sectors early today, but how long can that last before some profit taking happens?
On a side note I was chatting with our representative who runs our 401k, here are some of the interesting points:
1) RIMM is a dog. One of his friends has a first generation touchpad phone from RIMM. He has to stick a piece of paper under the battery to get the touchpad to be more sensitive to touch. Starting on Jan 1, 2012, three thousand sales representative at his company would switch to the Ipad and phase out their current laptop.
2) He thinks 2011 and 2012 will be choppy years. As there are just too many big companies showing phony earnings with government money especially in the banking and insurance sector. He feels some of these issues will have to be resolved to put in a sustainable foundation.
3) He likes the REIT story as he thinks that they have being conservative and still have not even tapped into the riskiest part of their business.
4) He also favors WFC as a best in sector big bank and dislike BAC for their unclear exposure.
5) Most of the 401k participants receive an email for their company periodically about the financial market and they track the number of participant that actually click on the link into their corporate website to read the information. He said during bottoms almost no one clicks on the email links. He had promised to share that information with me periodically.
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