updated Sunday, September 24, 2006

Sep 24: For the third time in 2 months price diverged from a few key underlying indicators predicting the short term pull back we had last week. The divergence is probably within a day or so of being worked off - then it's decision time. Will this be a pullback within an uptrend or the beginning of a down leg.
Sep 17: Weekly S&P chart again...the index got within a few ticks of a 5-1/2 year high, so both the high and the upper trendline will be in focus next week. The trend is up - you cannot deny that.

Sep 24: Ditto for the Nas.
Sep 17: The Nas had a great week and closed within an area we consider a thin trading zone which should offer less resistance than the previous couple months. How far the Nas can go without a meaningful correction or at least some sideways action is anyone's guess. The trend is up, but considering seasonality, be conservative.



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