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the Naz 100 futures stand at +1.50 right now. i give the Naz only 1 chance in 5 of being negative tomorrow. Game?


hey fc!

i'm here - just have little to no time these days for the log it seems. yesterday i had the pleasure of spending a good part of the day driving back and forth to the dmv to get my van registered. dealer messed the paperwork up - so had to get that fixed, and by the time i got back there was a nice line waiting for me.

taking 4 kids to the dmv is not exactly on my list of things i want to spend my day doing - but that's done now - and hopefully i will never have to go there again :)

as for the naz - nice reversal in the face of some serious bad news from nok. looks like strong support at the 50 - but i'm beginning to wonder how come we have not been able to make any more upside....seems everyone has gone on vacation already.

still, yesterday's up volume was less than the previous day's down. looked a lot like some nice orderly selling going on for a couple of days there. i see ppi and cpi on my calendar for the week - those may be market movers. i'm still working on my watch list actually - there are a few stocks in there i'll be waiting for dips to buy - maybe retests of their 50s.

i really don't see the market doing anything great - but it is building a decent base. i can see some accumulation in the qqq base.

so what's my plan? i'm just going to hang on to this small amount of qqq and let others try and squeeze out gains from this sideways, pain in the butt market. i really have to protect my cash - don't tell me we aren't on the verge of a recession....the IT job market out there is mighty tight right now - and we might just need some trading money to pay some bills. as far as the rest of the job market goes, i'm not sure - but i'm hearning about layoffs in more and more industries as time goes by. i do expect the market to recover before the economy does - but the market has factored in 2nd half recovery - and if that doesn't happen where do we end up?

hopefully i'll have my target stocks ready when the mojo comes back - think i'll need to have some ready for shorts as well (like kkd maybe). hopefully my entire summer isn't going to end up the way it has started.

oh, start with the high on 5/22....and you can get a decesending triangle on the qqq chart - looks more like a symmetrical triangle on compx....but with a bias to the downside. with the current economic environment - and the news coming out in terms of warnings - greatly lessening the chances of recovery by years end - the bulls had better get a little conviction or the bears are going to take this thing out sooner or later. i'll side with the bulls for now given the support at the 50 - but i won't be long all summer.

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