Monday, February 23, 2004

For as oversold as we became on Friday (see previous note), this is awfully sloppy action today - completely out of character from what we have seen previously in this rally since March, and more indicative of a bigger-picture downtrend than uptrend.  Granted, the day after option expiration has a definite negative bias (particularly when so many puts were outstanding), but we had better begin to rally sometime today or tomorrow at the latest, or this uptrend's propects will dim considerably. 12:03:44 PM