Tuesday, January 24, 2006

Closing Thoughts

Not a bad day. But the SPX was not able to break above 1270 nor its overhead 20-day moving average. I have a feeling that it might be setting up for another probe lower. As such, I am holding off on new buys for the moment.

Disney announced it is buying Pixar after the close. Bummer for PIXR holders. Who wants to be part of the Disney beaurocracy?

On the plus side, volume was quite robust today. Breadth was positive, and the Hi/Lo indexes expanded as well. Retail stocks fared the best today. Maybe the consumer isn't dead yet. Oil finished lower, while bond yields closed at 4.39%.

Have a great night--


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