Posted by 4 June 2003

ZZZZZ…

I guess I should say something about this sleepy market, besides the fact that it’s sleepy. The sellers that came out Monday have obviously gone back into their dens. We drifted higher yesterday after a weak try at breaking down through that all-important S&P 965 level. It now appears that we’re in for a retest of Monday’s high of 979 on the S&P. Maybe then we’ll get some action.

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Comments

  1. Posted by Mike L on June 4, 2003 at 4:40 pm

    Hi Michael. I’m bleeding. The psychological disconnect from fundamentals is amazing. S&P at 986 last I looked. Have you covered yet?

    Do you have any opinion on S&P 1000 resistance?

    Mike L

  2. Posted by Michael on June 4, 2003 at 6:29 pm

    I don’t see much resistance at S&P 1,000. I think it’s time to be more concerned about support than resistance!

    Yeah, I still have a couple of shorts. I’ll likely bail on them during the next dip.

  3. Posted by Duru on June 4, 2003 at 7:27 pm

    =gasp= Am I now hearing some short-term bullishness?!? I eagerly await your “return.” ;)

  4. Posted by Michael on June 4, 2003 at 7:49 pm

    I’m not gonna argue with the charts, but there’s no way in hell I’d be buying at this juncture. I’m in sit & wait mode

  5. Posted by Duru on June 5, 2003 at 1:27 am

    What’s the update on the buying signal? That is, the support levels you consider most important?

  6. Posted by Michael on June 5, 2003 at 8:12 am

    I’m not even looking for laggard stocks. Once I se ethe indices cool off, then I’ll look for some things to buy

  7. Posted by Michael on June 5, 2003 at 8:14 am

    First support I’d consider buying at is S&P ~950, Naz ~1550