Morning Post 9-6-05

Good Morning.

Overseas markets were generally positive. U.S. Futures have been strong all morning. Entergy (symbol: ETR) has announced major power restoration to many of the oil refineries in the Gulf. Oil has been slipping on this news.

Key stock tells: Cisco (symbol: CSCO) was upgraded at Lehman Brothers. Boeing (symbol: BA) loses a large China order to Airbus and Apple Computer (symbol: AAPL) will be launching a new product tomorrow.

The Katrina disaster is finally moving past the initial horror and confusion stage. Any progress would be enough to stimulate the overanxious Bulls who have done a nice job of holding the stock market up since this disaster. In fact the market has held it so well that even more anxiousness has been created among the herd. This will likely lead to further upside in the short-term.

The market is no longer oversold nor is it overbought. In addition, the market put in slight positive divergences last week. The likely outcome for the next several days would be for the market to provide a slow drift higher further frustrating most traders looking for good entry points.

We maintain a neutral position, slightly over fifty percent invested, and are looking to play the expected upside move. Our upside target is between NASDAQ 2180 and 2190. Should this objective be reached the market would be setup for aggressive action by the Bears. In the meantime there's money to be made for the nimble.

-Good Trading-

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