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Tuesday, May 30, 2006

The Dow was off 184 points. Advance/declines were over 3 to 1 negative. Volume was light. No buyers. We are at an important point, I think. This thing will collapse from here if we don't get some buying soon. The summation index is pointing down again and the zero line is here. This is the moment of truth. I have no positions and don't really have any constructive ideas on the OEX here. I'm on the sidelines. Gold was little changed and the XAU lost 2 points. I'm thinking of getting long here if a good signal develops. Not sure. It could just be a liquidation all the way around. End of the month tomorrow. Not sure what to make of that either. Employment report on Friday. I'm a bit tired today from lack of good sleep. Mentally I'm kind of confused as to what to do here. I suppose I will wait for the indicators to get oversold again and take it from there. I need to go over the blue book tonight and get my head back into the game. I did check all the daily and weekly charts over the weekend and didn't really see any good set-ups. So that is why I'm on the sidelines for now. I guess I'll just stay out for the moment. We'll see what the market has in store tomorrow...

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