Is the Market Ready to Resume it's Bullish Ways?

Equity market closed mostly down today, but finished the the day with a strong push.  Have the past few days been strictly a result of global political turmoil, or was that just an excuse for a market correction?  It appears to have been some of both.  Investors could not look past the trouble in Libya, like they did Egypt.  The situation in Libya is terrible, but it presented investors with an opportunity to harvest some profits from the run up in equity markets over the past 6 months.  A month from now will these negative sessions be viewed as entirely news driven, or will this be considered a standard market correction that was sparked by the news?  The most likely scenario will be markets continuing to grow like they have so far in 2011 with a few of these news driven corrections.  This market will continue to go higher and tomorrow should be a great buying opportunity for those who need to boost their equity position.

Oil Slick Approaching Destin

Saturday morning we headed out of Destin Pass in search of snapper, grouper, and amberjack.  The conditions could not have been more perfect. Calm seas, a gentle breeze, and about 70 degrees.  It doesn't get much better than that.  Our first stop was a wreck approximately 7 miles south of Destin.  On our way there we came across what the media has long forgotten, oil.  We were about 5.5 miles offshore and the slick measured approximately 100 yards wide and extended as far as we could see to the west.  It was the same nasty brownish colored toxic mix that filled the news all summer long in 2010.  I have contacted several government and environmental groups to try and find out more about our findings.  Pictures and exact locations will be posted soon.  Please check back for updates.

Bulls Keep Running

All three major US stock indices finished up for the third strait week.  The Dow Jones Industrial Average closed at 12,391.25, the highest the index has closed since June 5, 2008.  The NASDAQ Composite closed at it's highest mark since October 31, 2007.  The tech heavy NASDAQ finished the week at 2833.95.  The S&P 500 stock index gained ( 1343.01, +2.58, +0.19% ) today to finish the week at it's highest level since June 17, 2008. 

Caterpillar Inc (CAT), one of 2010's best performing stocks, shares led the charge for the Dow today by adding 2.4% on some stellar numbers.  Surprisingly positive earning reports have almost become expected on Wall Street this year.  After a third strait week of gains the talks of a pull back are once again growing in popularity.  Are investors willing to keeping riding this bull, or will they do some profit harvesting and stop to catch their breath?  We will not get an answer until Tuesday, because US markets will be closed Monday in observance of Presidents Day.  Enjoy the long weekend.

Gumbo at the Beach

Grab your heartburn medicine of choice and head on over to the 22nd Sandestin Gumbo Festival.  It will feature some of the gulf coast best culinary minds displaying their take on the Cajun classic.  The gumbo festival will kick-off Sandestin's "Taste of the Village" in it's inaugural year.  "Taste of the Village" will have Village merchants supply guest with some of their tastiest culinary delights.  Live music and the smell of mouth watering food will be in the air all weekend.  It should be a great time for people of all ages, and great opportunity to get out and support some local businesses.  Enjoy the beautiful weather this weekend, and drive safe.