Thursday, September 28, 2006

Another Solid Session

The market closed higher for a fourth consecutive session, although volume eased back a bit today. Nonetheless, the market shook off mid-day weakness again, to close near its highs for the day. So the action was solid.

Investor sentiment remained skeptical, with the ISE dipping below the key 100 level before closing at 101. Normally, with the market hitting multi-year highs, you would expect to see readings above 200. But I am hearing about few managers that are embracing this rally.

Oil finished lower on the session, despite news that Saudi and a couple of other countries would cut production to support prices. This is another bullish development, or at least a continued one.

Semis, biotechs, financials, and retail were all higher today. This speaks to the nice, broad participation we are seeing.

RIMM reports earnings after the bell.

short RIMM


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