S&P 500 - April 2, 2009 - Before Matket Open

Good Morning!

Future market seems to have rallied further, extending yesterday market action, and after-hour session.

Rumors are all over the board, like Mark-to-Market is going to become Mark-to-the-Price-You-You-Want-the-Tax-to-Pay. But what's new about that?

Fat cats have already got what they wanted, barring new demands off public purse (which already stands at negative capital projected many years into the future), they should be content for a while.

I would be very cautious here, long or short. On one hand market is overbought. On the other hand, emotions run high, and masses are manipulated by media one way or the other.

For me, it is one pivot at a time until the situation clears a bit, and the clowns of G-20 wrap their show.

Still giving the benefit of my doubt to bulls, but cautious short term.