Just Watching the Slow Action....

There hasn't been much action on my radar screen lately. The market is pretty much stale right now and there doesn't seem to be much potential on either the long or short side. I am simply keeping an eye on the indices. The S&P 500 and Russell 2000 may offer more shorting opportunities if they hit resistance near their 200 day MA level. If they do show more weakness it may be a good idea to short them. The DJIA and NASDAQ have recently found a little support above their 200 day MA level. The NASDAQ is looking like the weaker index and may crumble before the DJIA stumbles again. On the flip side, both the DJIA and NASDAQ may find more solid support at these levels. Any positive news on the condition of the sub prime and credit markets can help create a bottom at these levels as well. I know this sort of information may not satisfy someone who wants a definite answer as to the future direction of the market but you have to take it as the best possible answer. No one can predict the future direction of the market. No one has some sort of magic crystal ball. There are no tricks or short cuts to any answer. The answer, one or the other, will come to light in the future, however far or near. All I am saying is that you should be prepared to take advantage of the situation whether the market goes up or down.