MARKETS DOWN--ACCOUNTS UP!

It is all the more fun to be up on a down day. Money moves on down days. A down day can be a smoke screen. On big counter trend down days, Papa John used to say, "The big boys are buying". He liked to see what was holding steady or going up when the market fought through resistance.

Today, little stocks, airlines, semis, telecoms, REIT's, utilities and bonds are doing well. The German market traded higher today as did US Bonds. The Eurodollar index was taken out and shot.


Airlines are the big winner, up 2% on average, but note the technology flavor of the rally. Semiconductors, disk drives and telephone equipment. It sure looks like companies are spending capital on equipment in preparation of good business ahead. By the way, investors often incorrectly think of airlines in terms of consumer use; vacations buses. The real money is made when businesses open-up their travel budgets. When business is good, employees travel and they don't spend a month in advance shopping the internet for the lowest cost ticket.

We are up about 2% today while the markets are down about .5 to 3%. The BULL is going to snort, paw and feed along the trail but don't try to corral him. He is leading the herd. If you don't want to ride with the herd, you had better git out of the way.

BIG BULL!