Don't chase the high. We already saw today's high

1. S&P failed to break above 1480 level w/t it's best effort.
2. Bush's speech about policy compromise to subprime homw owner is long term, and it is too late and does not help much. And short term effect already priced in.
3. Low inflation rate this morning help people to think FED has more flexibility to cut rate if necessary, that push the market higher.
It does not change fundamental weakness we are experienced. So it will be short lifed.
4. Financial sector, builder, retail remain weak.

So don't chase the high!

For aggresive trader, this is the time to short Financial stocks, home builder stocks. Name a few: BSC, MS, MA, GS, KNH, TOL

JM2C YMYD