Guy Fawkes Night is celebrated in Britain annually on November 5th. The event is accompanied by firework displays, the lighting of bonfires and the ceremony effigy-burning of one Guy Fawkes, who was caught red handed before he could blow up the Houses of Parliament and is known as The Gunpowder Plot. I trust we do not have a bad day tomorrow in the Stock Market, but if we do we can blame it on Guy Fawkes!
There have been a good deal of fireworks on some of the leading stocks and this could portend more trouble to come with at least a reasonable correction and/or a rotation into new Industry Groups. Here is the performance during the past three weeks of the Gorilla RonIandex since 10/14/2007. Although some stocks, notably GRMN are down nearly 15%, the Group is still holding up. We must understand that at EPS Report time, there is usually a fair amount of profit taking, and we will have to wait and see if these leaders get whacked further.
Best Regards, Ian.