S&P500:1260
The S&P caught bids today off a mild oversold and at short term support.
I have passed on it. Looking at the broad market, there are still
too many stocks that are extended on the upside. The S&P fell a
little short of my Jan. 2006 target of 1310, but the broader market was
lit up pretty well in the latter part of the past month, and the
consequent pullback leaves too many stocks still hanging high. So
as a guess and as a conservative gesture, I am not putting on any
long trades just yet.
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