Morning View 8-22-05

Good Morning

Overseas markets were higher across the board and Oil is indicating a slight upward bias. There was no economic news to speak of. U.S. stock futures were indicated higher most of the morning. Heinz (symbol: HNZ) had a good earnings report this morning while Smuckers (symbol: SJM) was poor. We will be watching Biotechnology for signs of strength on the heels of Panacos Pharma's (symbol: PANC) results of its new drug for HIV. Strong Biotech could help the NASDAQ this morning.

We are cringing this morning as usual when we see the typical Monday morning mania. There is nothing substantial enough in our opinion that would have an early rally suddenly grow legs and start to run. An engraved invitation for the shorts is being hand delivered by the overanxious weekend Bulls. The Bears would likely wait for the market to hit resistance levels before pouncing. 2155 - 2160 on the NASDAQ seems like an attractive entry point for the shorts. We choose not to sell short due to our already cautious position.

-Good Trading-

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