Disappointing Lack Of Followup...

The Dow ended slightly negative in a sideways day today by 46.57 points. Even though a couple of days of sideways or slightly negative days after such a strong surge is completely normal due to heavy profit taking, a lack of follow up today does suggest that the public is not buying into the Fed story at all. The public, making up about 75% of the investment community, is the one that casts the final vote and that vote doesn't seem forthcoming at all, casting serious doubts on the sustainability of the Fed rally. Seriously, the question of sustainability hardly matters when the rally has not even begun. Investors are obviously concerned with the extremely high oil price and the coming CPI numbers. We are once again in uncharted territory with oil prices at such historical levels. On the technical front, nothing I have said over the last few days have changed.