ZACH BASS - Market Update

You know, you gotta love this game. I mean a few days ago we get a huge breakout across the board, followed by a head fake trying to disguise itself as a selloff. Then great guidance from RIMM, apparently benefiting from the halo affect from AAPL.

Then this morning, I thought all hopes were dashed at the bulls regaining control, with the horrible earnings from GRMN and WFR. To compound my fears, a blow to the gut with the Jobs report, and just for good measure the futures were sporting a flat opening.

Then to my surprise, the market started to come to life, followed by a little side ways action, just to keep me honest, then things kept gaining strength. The bulls are trying their best to pull their balls out of their testicle lock boxes!!

Hey, we ain't out of the woods just yet. AAPL is doing fine, so are the alerts I put out there on the Yahoo AAPL message board (ORCL, DBA, BHP). But there is still an air of uncertainty in the market as a whole. I would take things light here, take profits when you can, let's sit back and wait for the next big indicator that tells us to step on the pedal.

It's up to the bulls now, they need to hold onto the support levels defined by the 50's. 12,421 (DOW), 1349(S&P) and 2330(NAZ). If we can close above those levels, it would be bullish.

-zach bass