Wednesday, March 22, 2006

The Final Stretch

The market seems to be hanging in there pretty well coming into the home stretch. The Nazz is lagging, but that is expected given the Microsoft (MSFT) news.

Energy stocks have given back some of their earlier gains, but still look to close up on the day after the bullish inventory data. Biotech and brokers are also up nicely today, while the semi index is the only one down currently.

The put/call ratio ran above the 1.0 level most of the day, which probably helped the market stay strong into the close. Volume looks like it will come in below yesterday's levels. So while it is a nice bounce, I don't think it negates yesterday's action. I would remain cautious, and look for additional selling to surface over the next few days.


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