TRUST A BOUNCE?

The markets appear to be stabilizing this morning although the ADV/DEC line is certaintly skewed to the red with about 2,400 more losers than winners.

The obvious losers today are the metals and the oils with the OIH down another $4 as I type. The HUI and the XAU are both down 5% and the winner on the day is the SOX index, which is up .75%. The finanicals have also flipped moderately green and our old favorite JOYG is down another 6.5% as it participates in the metals drubbing.

I just wonder if the buyers will step up today if they see it is indeed not BLACK MONDAY.

My plan of action for now is too watch and look for stabilization in the market internals, the biotech stocks, the semis and the oils.