The S&P 500 and the overall market has enjoyed a good week, but the Nasdaq remains firmly below its 200 day MA and the volume is less than convincing. Add the current volatility and geopolitics and you have a tough time getting me to want to buy anything.
There are some sectors doing well in the oil & gas sectors but be prepared for some wild swings. Beverages and Soft drinks are also strong with companies like Hansen Natural Corp, National Beverage Corp, and Pepsi leading the way.
Before anyone thinks I'm a bear until death - Not true just need the market to give me the price action to support a shift to the buy side. The ten year note is climbing while the major indexes have serious resistance to break, then turn to support. It should be interesting and promises to be anything but boring.
Still Not Buying It!
Friday, 04. August 2006
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