Interpreting a Volatile Week

3/23 - "The most important factors are bullish...These elements took the market from a death watch -- everyone guessing who would be the next "Bear" -- to a situation where Punk Ziegel's, Richard Bove, called bank stocks the buying opportunity of a generation."

"Wednesday's trading, down nearly 300 in the DJIA, was the disturbing factor for the week...We agree that there was nothing in the Fed action to generate this reversal, nor the strength in the dollar. There was also broad selling in stocks thought to be part of general hedge fund portfolios."

"The ETF Sector approach got caught in some of the selling related to dollar strength and basic materials. Despite this, the Wednesday readings continued to show nine of 44 sectors in the buy zone."