01 March 2007

Not Feeling The Mojo

Sorry for the lack of posts yesterday afternoon but some personal business to attend to...markets didn't do much, giving back most of the morning bounce...2 day RSI levels rebounded with the SPY showing a 32.8 reading as of the close...so the dramatic oversold conditions have alleviated without much of a bounce and you get that sick feeling that "we ain't seen nothing yet."
Futures negative across the board getting hit hard here as the European exchanges rollover into their afternoon...the Nikkei was hit for another 1.5% and the atmosphere appears less than calm.
I didn't feel that there was a real interest in owning stocks in yesterday's trade and this morning's indications are there may be more downside before a "bottom" is put in here...next levels of support appear to be the high 1720's in the Naz and 1380 in the S&P...I'll be buying those levels should we hit them...for now I'm holding short.
Can you believe that Al Sharpton's greatgrandfather was the slave of one of Strom Thurmond's cousins...small world...jfg.

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