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Rain Dance


The only thing we know for sure right now is Colin Powell is making a speech tomorrow that is likely to be the most watched speech in the history of Global Politics. Please note, I did not say the most important, I said the most watched. Just about every country in the world has announced they are waiting to see what the Secretary of State has to say before commenting further on Iraq.

In the vein of Toddo's "Random Thoughts..."...doesn't it seem a little strange that the US hasn't told anyone what Secretary Powell is going to present, yet everyone is waiting for it? Basically I am trying to say that most allies already know what we have and are looking for that "excuse" to feel politically correct to their citizens that they gave Iraq every shot, but now have reason to act. In other words, they got to disagree with the US, but now have no choice but to act. Shocker strategy!!!

Anyway, traders are facing a real difficult environment. The market and most of its components are oversold enough for a bounce, but the charts have clearly broken down near-term. If you need an example, look at the chart and oversold readings on Citigroup (C ). Dicey stuff and again makes the argument to sit this one out as a buyer. It is that lack of buy side conviction that could lead to the needed oversold intermediate-term levels whether by grind or by rapid decline.
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So be that way Daisy, I have Casey who is as lovely as she is talented --- so there!!! No positions in stocks mentioned
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