Jan 28, 2005


The S&P quickly filled its gap from Wednesday's open. I tooks some stops but am viewing the action mainly as a technical break in a lacklustre tape. The deflation argument seems to be attracting a lot of fans today as oil and metals are off with equities while bonds are flying. While we may continue to see real wages fall the same thing will never happen to commodities and hard goods.

I am surprised to see Microsoft in the red but maybe it is on the threat of gbrowser. I don't really agree with that either if it is the case as Google has a long way to go to prove it can unseat the reigning champ.

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