22 January 2007

Lunchtime Lull

Markets across the board getting a good hammering again this morning...
market internals pretty negative with both the NYSE A/D 2-1 and the NAZ 2.5-1 to the red...up/down 5 - 1 on the down side in techland while the big board not even 2-1negative.

My gut instinct is telling me we are setting a little bear trap here and the markets will rally into the close even if the internals do not improve much...It will only take a few buy programs to get some short covering and the mojo running again...I'm still waiting for a short entry up near where the Q's fell out of the previous range ($45), but I'm not going to push the time frame. Be back towards the close with a TOL update.