Friday, May 21, 2004

Most of our shorter-term measures are now overbought, for the S&P anyway, which is a bit discouraging given the relatively lackluster performance and lack of volume.  I find option expiration days to be less predictable than most, and today doesn't change that opinion much.  While these readings suggest the upside is limited for the time being, I wouldn't read a whole lot into them at the moment.  These expiration cross-currents keep things whippy, and personally I don't fee comfortable shorting into them. 1:23:19 PM