The stock market, as measured by the S&P 500 and the Dow Jones Industrials, looks to have put in a near-term bottom on Friday. The market has rallied convincingly since Friday afternoon, moving up some 12%. Per the Elliott Wave update this evening, wave 5 of (3) likely ended on Friday, and a retracement rally to 1000-1050 on the S&P 500 is in the offing.
Spent most of the workday researching several healthcare companies for WealthTrust. Time magazine had a cover story on the state of healthcare in the USA. We have a lot of improvements to make in the coming years. And we need to make these improvements as we reduce the healthcare spending per capita percentage, from 16% of GDP to 10% of GDP, more in line with other advanced economies. It won't be easy, but perhaps President Obama and Secretary Daschle can make it happen.
On a lighter note, I took Alex, HK and William to the Bobcats game tonight. We had a great time. The Bobcats beat the Philadelphia Sixers 93-84. D.J. Augustin, a rookie, looked brilliant. He scored 25 points and added 11 assists. Coach Larry Brown has got a guy to work with here!
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