THE CLOSE

The markets have closed in the green with the DJIA +50, NAZ+5 and SPX+2. I am not too excited as the market internals show a whopping 300 more winners than losers with best sectors being airlines, reits, internets, and small caps with retailers, homies, metals and techs bringing up the rear.


Some folks getting a little bullish today including Captain Kirk who thinks bearishness is getting a bit overdone. Not sure I am on board but maybe we are getting close to a short term bounce ( a good short). The Oil patch continues weak as the OIH is down another few points and my feeling is that if oils go lower, the major market indexes will follow with the reverse also being true.


Jimmy on Stop Trading offering nothing as he has found that there is no bull market to be found in any of the 882 that he has recommended . His SHLD is being crushed and not even a mention so maybe even he is (bullish?) throwing in the towel on that one.

I continue to stay in the show me mode and will not be buying until I see positive market breath for more than a few hours, higher prices in the OIH/XLE patch, tech and semis outperforming, and better action in the financials/brokers. Also don't forget that major resistance lies above at the 1240/1260/1280 levels so don't get too excited about a big rally as lots of trapped bulls will want a break even exit. One other thing, look out for poor guidance from the companies reporting, not sure how much of that is factored in and, yikes, Bob Froehlich of Scudder says to be fully invested. Of course he said the same thing at NAZ 5K.