Thursday, September 15, 2005

Uneventful day

The market closed pretty much flat, with the SPX up a touch and the Nazz down a few, on volume that was in-line with yesterdays. One potential negative that I am seeing lots of stocks that had been leading the market starting to rollover.

But the S&P has held the key 1225 level so far, so I am still willing to give the market the benefit of the doubt, for the time being. I may very well have to cut my exposure in the near-term, but I don't want to jump the gun.

The ISE Sentiment Index traded below 100 for most of the day, even though it closed at 108. This in a bullish sign, from a contrarian perspective. The last time it closed below 100 was October 2004.


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