Thursday, April 29, 2004

Today, the NYSE had more 52 weeks lows than 52 week highs. I can't remember the last time this has happened. Gas prices are above $2 per gallon; 30 yr mortgage rates are at 6 months highs over 6% and Google has announced a $2.7 billion offering. All these factors weigh heavily on the market. The failure of the market to rally at the end of the month is further bad news. Today, fund managers who have to be invested were forced to hide in GE, while dumping all small cap and mid cap stocks.

Wednesday, April 28, 2004

Look out Below!!! We are heading into the mean season, the historically week period for stock prices (May to October). All the last minute IRA deposits have been sucked up by the funds. Where will the money come from for the new IPO's???? With interest rates trending up, oil prices trending up and an uncertain outcome of the Presidential election in November, the market is dazed and confused as it should be.