Tuesday, April 12, 2005

Covered rest of qqqq and spy short

just to be safe. There is some small surf and I am hard up to get some. I covered some (but not a lot--still ugly charts) shorts and have found at least 5 really nice longs today. When I get back in I will update for tomorrow. Strong looking day but volume is still below the 50 day volume average. So this may either be a dead cat bounce or just another base building day waiting for that 1.7% move on heavier trade to give us a confirmation day on the rally that might have started on March 30th. OR it could be a bounce back to the 50 dma before going even lower. I mean remember Alan Greenspan isn't putting on the brakes because he thinks the economy is strong. He knows gas prices/oil is starting to hurt the consumer. But still some nice longs to look at. I will be back later.

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