5/23/06
ATR - End of the day Comments

The selling intensified as we headed into the close as the averages reversed to all end in the red. The S&P broke the 200 day moving average while the NASDAQ continued its ugly move lower. Oil and Gold led on the day but early strength in sectors we like to see all saw heavy selling.

After the close we saw further weakness in the QQQQ, as a result of bird flu news coming out of the World Health Assembly. Should this pressure carry over into overseas markets we may have a panicky start tomorrow morning.

We were net sellers in today's bounce and while a bit too late; it felt good cutting some laggards and raising some cash. We'll continue to be patient waiting and watching. With a break in the 200 day on the S&P our caution flags are being raised even further.

Rest up tonight, and well see you bright and early tomorrow morning.

RevShark