So Far So Good

Oil inventory numbers have just hit the wires and did not show as large a drawdown as some had expected. These numbers are reflective of Katrina. Fundamentally, the stock market Bulls should get a boost from this news.

We are pleased to see the action today in technology land as we predicted. Semiconductors are looking very strong which is spilling over into many of our favorite tech names. Our long-term thesis still seems to be holding water.

The fly in the ointment is the Small Caps. It is very important that the Russell 2000 catches a bid later in the day. Should this happen, our short-term view for a panic melt up should prevail. The lack of performance from the Russell 2000 however, is enough to make us abandon our short-term play. We are watching closely and are willing to give it another day or two at the most.

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