Friday, May 26, 2006
Price was good yesterday and breadth figures were great. Volume was wanting though. While we believe that an intermediate bottom is now in place, there is a decent chance that bears will once again give the bulls a scare and take prices back to support once more. If so, these dips should be used as buying opportunities. Be confident here and don't give up shares just above support. Probabilities of the market heading lower than Wednesday's lows before decent gains are made on the upside are very, very small. Keep this in mind if the hedge funds and day traders once again shake the tree here. Note: TMY is trading right at support on its long term up trend. Keep an eye on it here. We would look for it to make a nice reversal to the upside from this level. Today we will stand aside and let it prove itself.