Jan 24, 2005

Back to work!

Friday afternoon the buyers really stepped out of the way. The move lower may have even been exagerated a bit a short term players had to reverse morning buys. We probably need to turn around tomorrow if that is to be the last of the selling. While I could see the market's staying in Friday's range for a good 3 or 4 days I have a hard time seeing them lower. Particularily if the metals can hold a good portion of their gains. Dollar weaker and metals strong has been a sign that equities will be healthy. The bond market is still priced for a slowdown in my opinion.

I would keep an eye on KLAC and INTC as INTC broke a near term range to the downside while KLAC would look very positive if it can get above 45. I don't see those two stocks diverging for long. GOOG looks like a terrible pattern while RIMM around 70 is finally getting down to the uptrend I mentioned way back.

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