Thursday, June 24, 2004

Some of our shortest-term intraday measures have entered overbought territory, particularly on the Nasdaq, but with the clear technical breakout on the broad indices that so many are pointing to, it seems likely that this upside will carry a bit.  From traders I speak to, so many are relieved to actually have an apparent clear market direction that they are becoming more aggressive than they have been in weeks.  While I wouldn't at all be surprised to see new highs in the coming weeks, I think that will ultimately fail and we will remain somewhat rangebound.  In the short-term, however, that doesn't matter and I am not being too quick to fight this upside. 10:14:05 AM