04/05/06

Took some profits today in AMR, AET TS. Also bought AKZOY, and sold short ARLP. Since the obvious short signal did not materialize a week or so ago, at least not market wide, there has been nothing but conflicting signals.

S&P looks toppy, Nasdaq looks tired and has now left the upper band, the Dow has maintained a playable pattern, and is rallying on cue. There really is nothing to do except wait. Profit are not likely to run on long, so will take them when I see them. Bollinger Band touches, and over sold or over bought indicators are enough here. Unless there is a run on to the downside. Do not see much room upward, especially if the Nasdaq cannot re-up with the upper band.

It is a frustrating period for market players than like action. The market is not going to give to us, and after the April earnings season is unlikely to do much of anything exciting until The fall sell off.

There are a few mildly interesting patterns to buy, and some with more potential to short. All the action lately has been in the morning, with afternoons being flat.