Zeev's Turnips Patch-No Politics (ZEEV)

[punkle]

Covered almost all shorts and went long a selective basket of stocks this morning with more powder if we do indeed get to 1940. It's looking more and more like the change in trend has started and we may be in store for this spring rally:

- Earnings start next week and I've seen very few preannouncements.
- Election year is going to be tough to stifle.
- Jobs report last 2 months was pitiful. May be nowhere to go but up this month. Estimate is 120K jobs. If we get even half of that the spin will be positive enough for a big jump. I don't buy the theory that a good jobs report will cause the market to falter because of higher interest rates.
- Oil already very high, probably won't go much higher.
- Had the decent 10% correction off the highs and had many components of a decent low albeit not perfect.
- End of quarter markup.

Neutral may be the correct call here, but I think the spring rally is starting soon if not already.