The Sunny Side of the Street
THURSDAY NIGHT - April 3, 2003


Figure 1-- INDU Daily Chart (Click to enlarge)

Today's market action was light and sideways in nature, acting (as I thought it might) much like it did after 3/13's market.  Yesterday was a strong move up, today was sideways to down, at best with the Dow moving down 45 points and the QQQ essentially moving up and then right back down to where it started.

In last night's commentary I said:

"The only worrisome technical indicator is at the end of Figure 3, where you can see the 15-minute RSI in divergence with price.  That will give the move a bit of a struggle, especially with RSI in overbought territory.  I am expecting a move similar to that we experienced after 3/13 in tomorrow's market."

 
 
Figure 2-- QQQ 15-minute chart

The QQQs day was a little bit up and then right back down.  The move up moved nicely to the Attractor at 26.81, going as high as 26.85 before falling back to the Attractor at 26.37.  The markets continue to move up and back, down and back.  It's sort of like a waltz going nowhere.

However, I think after today's move into Baghdad and capture of the airport that tomorrow's market will change its character in jubilation.  Whether or not any sustained move can come of it, it's too soon to tell; but, I think tomorrow will pop up to the Attractor at 27.20 QQQ (INDU 8500).

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Watch carefully & stay on your toes.  Remember that hindsight is 20-20 and the victors write the history books.  God created us all equal and well loved.  All paths lead to Nirvana.
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