Sunday, April 24, 2005

Friday's Weak Performance

Friday, the stock market couldn't remember that the day before was a powerful up day and decided to roll over and play dead. At least, that was true until the last half hour when there was a blistering rally taking it up about a hundred points in the Dow.

The market is facing the last week of the month and we usually get some kind of strength in the last few days of the month. We will be watching carefully come about Wednesday for possible late month strength. This month could be different just because the market has turned down in earnest and it could struggle for the next several months.

That said, the market is over sold tonight as we look at it. So, there is some potential for more of a bounce but the market is exhibiting extreme weakness. Friday's trading should have followed through on the big 200 point rally on Thursday but it didn't happen. We are holding our positions.

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