5/22/06
ATR - End of the day

It was another day in Painville as the major averages closed lower however well off the lows of the day, which provides at least a glimmer of hope going forward. The semis suffered the brunt of the selling closing down over 4% while the only green in sector land was seen in the banks and networkers.

Breadth was poor, but like the averages, closed off the lows of the day. The S&P 500 once again held the critical support 200 day moving average, however the NASDAQ looks to be flirting with death, falling well below the key 2200 level with 2150 clearly in sight.

All and all it was another trying day, however the panicky action leading to a small bounce allows us to head home with the thoughts of better action tomorrow. We wont be too quick to jump in but will be prepared nonetheless.

Have a good evening.

RevShark