April 2003 Archives

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.

The LA TImes has a couple of interesting articles in today's edition (free registration required). The first is about Kobe's estrangement from his father -- over Kobe's choice of his wife. The second is about Kobe and Shaq refocusing to win their current series.

Tip-off in 30 minutes!

Looks like the TImes has archived off the Kobe estragement article. It's still available here as of May 22 - http://www.kentucky.com/mld/heraldleader/sports/5766852.htm

I've yet to go through my charts this weekend, but I just found a good review of this week's action. Note that Active Trader Magazine also has other commentary under their Market Commentary menu.

Volume picked up today on the Dow and S&P 500, but it was another flat day. The bulls tried hard to get the market up today. CNBC keeps harping on how important it is for the Dow to close above 8,521. A close above that level would make a higher high on the Dow, thus confirming its up-trend. I, for one, don't pay much attention to the Dow because it's only comprised of 30 stocks. I won't even mention my issues with the way the index is computed.. I think there are many better indices to use as a gauge of the market - the S&P 500, S&P 600, NASDAQ Composite, NYSE Composite, Value Line Index ... Anyway, the action in the Dow has been fun to watch this week. Today it failed stay above 8,521 for the second day in a row. The bulls gave it a hell of a try, but sellers stepped in during the last few minutes of the day and sent the index reeling back below 8,500.

Today's Highlights:

• The second day in a row of spinning tops in the major indices.




• Today was a distribution day on the Dow and S&P 500.




• The Dow failed to close over 8,521.

Thanks to Chas for pointing me to Elite Trader. I've just started poking around over there, and it looks like a great resource.

The market is set to open flat this morning. I'm not expecting much movement until after Greenspan starts speaking at 10:00. Then it'll take another 30 minutes for people to decipher what he said. :-)

Despite that violent reversal this morning, the buyers were able to support the market throughout the afternoon. There was one last burst of buying in an attempt to get the Dow to close above 8,521, its March high. That attempt ultimately failed. On the positive side, the NASDAQ closed at a new high for 2003, and the S&P is just shy of its 2003 high. However, the indices closed in the lower half of their daily ranges. That action created spinning top patterns on the daily charts. That pattern shows a tug-of-war between the buyers and sellers. That kind of stalemate/confusion is a warning of a reversal. Another reason for my continued cautiousness is that the indices were repelled by their upper Bollinger Bands today. So I'm still expecting a dip, at which point I'll start looking for some stocks to buy. In the mean time, I'm still short a couple of stocks which I'll look to get out of on the impending dip.

A wild morning so far. The Dow has already made a 100 point reversal off of its highs. It may be tough for the bulls to get the market higher after such a reversal. After all is said and done, we're still just marking time.

The market backed off a bit yesterday afternoon the instant that the Dow touched 8,500. It appears that the Dow is just bouncing between its 200 DMA and 8,500, which is its 'war rally' highs. The Dow is still trying to accomplish what the NASDAQ and S&P have already done -- surpass its 'war rally' highs. I'm still not convinced that the steepness of the market's rally can be maintained. I'm still holding my short positions, but that may not last for long. I gave back a good chunk of my profits yesterday, so I may have to get out today, while I can still eek out a small gain.

Someone really wants this market to go higher. Today's action seems like another short squeeze (aka panic buying) to me. CNBC reported today that short interest is at all-time highs right now! I'm trying to hold on to my short positions to see if this reverses in the last hour.

The market continues to provide opportunities for both bulls and bears. Last week was a perfect example of that. If one's timing was right, he could have made money playing both sides. Of course, the opposite is also true! Despite all the mixed messages the market is sending, I remain bullish in the intermediate & longer term. The market needs to pull back a bit more before I become a buyer though. I'd love to see the S&P 500 re-test its 200 DMA. Then I'd really start looking for some long candidates. That's my 'perfect world' scenario, but I know things won't play out so simply.

As for individual stocks, I see very little that I want to take a position in, long or short. I am watching a list of stocks which have been strong recently. I'd like to see many of those stocks drop back to their middle Bollinger Band, where I'd become an interested buyer. So I'll be playing it light to start the week, with just my two short positions. I'll continue to look for earnings movers for short-term (intraday trades).

Here's a daily chart of the NASDAQ. It shows 3 potential areas of support. I'm not expecting the first level to hold (that would be too easy!). The 2nd and 3rd are where I'd like to step in and start buying.

Now for the S&P 500's weekly chart. The first thing that strikes me is that it's gone nowhere for the last 9 months. The index is down 0.8% siince July 17, 2002. Not an exciting chart! I'd be much more bullish on the S&P if it could get above the 950 area.

The weekly charts of the NASDAQ and the Dow paint the same picture as the S&P 500. The bulls have a lot of work to do in order to get those weekly charts trending higher. I'll have to remind myself to keep chaecking the weekly charts to keep my bullishness in check. It's still a "stick & move" market.