June 20, 2006 Stock Market Recap

For a while it looked like that bear trap had been sprung but sellers stepped in once again and were able to close the market near its lows. It was a choppy, low volume day and the S&P's change on the day says it all -- it was down 2 cents today. So not much has changed since yesterday.

T2108 is still in the 17s so I'm trying not to be too bearish. But there's still plenty of overhead resistance so it's tough for me to be very optimistic here in the short term. If I had any sense I'd take a vacation until next week's Fed meeting is over. But, alas, I have no sense. :-)

I'm including the Dow today because I think the bull/bear battle at 11,000 is interesting. Also, the Dow is showing the most strength of the major indices (the only one above its 200-day moving average). Maybe that long talked about switch into large caps is finally happening...