Recap

The Dow, Nasdaq and S&P 500 all finished in the green which was not surprising considering how any morning weakness is heavily bought time and time again. I reckon a day will come when weakness is sold and we could have a repeat of Febuary 27. For now the trend is up and why should one fight it. The only disconcerting item from a bullish perspective was the lack of volume especially on the Qs. Less than 65 million shares traded versus a 3 month average daily volume of over 115 million.

On to more juicy news, I suspect something is up with RACK. Volume was heavy today and Maverick Capital appears to have built up quite a position in this stock. RACK was trading at an all time low of $11.25 a share a week earlier and now its up over 10% to $12.69. I suspect a buyout is in the works. Either that or the stock looks like a steal at these prices especially with around $6 a share in cash and no debt. I currently have a small position in this stock and I plan on adding more.

The US Dollar is being dropped like a bad habit. Less and less countries are going to tie their currencies to the almighty greenback and the USD will continue its decent over time. I don't know how good that will be for US equities in the long run.

The chances of a rate cut by the Fed continue to diminish as Merrills Rosenberg abandons his forecast for a Fed rate cut this year. I suspect a rate cut will only occur if we have a 10% plus decline in the indices.

I think if GOOG finally breaks $513, it could run to $600 in a hurry. AAPL and RIMM look amazing.

If I blog less in the weeks ahead, it may be because I am waiting in line to watch this. Wicked .......