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The Morning Cup of Jo

By

Someone get me some caffeine!

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Many critters, along with myself, expected, after the long weekend, the markets would give us something to talk about. However they've, once again, been left wanting. If I didn't know any better, I'd think yesterday was a ½ day.

Monday's session lacked volume, lacked conviction and lacked any kind of resemblance of an active market. At 4:00 PM, when Snapper found Hoofy asleep at his desk, it became official; it was the lowest volume day of the year on the NYSE and Nasdaq alike. That's not what the Hoof Master wants to see on an up day prior to the market possibly breaking into new highs and the start of earnings season.

This comes just as the Dow and SPX hit the bottom side of resistance. Believe it or not, it would have been technically more constructive if the markets had finished down on the day. "You can't always get what you want, now can ya?" Let's take a quick look.

WONDA Copyright 2004 William O'Neil + Co.,Inc. All rights reserved

WONDA Copyright 2004 William O'Neil + Co. All rights reserved

Along with the lackluster performance on the Dow and SPX, the Nasdaq didn't offer a great deal of hope either. After yesterday's action, it looks as if it wants to pull back and fill the gap at the 50DMA.

WONDA Copyright 2004 William O'Neil + Co., Inc. All rights reserved

Technical formations in the majors are at best shy of completion and still leave us conjecturing. So for now, as Toddo so eloquently put it in yesterday's Random Thoughts, "When in doubt, sit it out!"

Until next time...

The KAT

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No positions in stocks mentioned.

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