Market Comment 4/16/06

Dateline: 6:40 pm Eastern time, 04/16/2006


On Thursday morning, the market gapped down on the open and
fell to support on the SP futures. A quick reversal was
enough to get a rally going, and it could have been
meaningful if the rally was able to stick. But the move
fizzled before noon at the 1299.00 level, and the market
softened the remainder of the day.

The oversold status has been worked off, for the most part.
The market refused to rally under conditions that are
normally good for the bulls. We did get a couple of intraday
bounces, but the rallies aren't sticking. With the market
acting poorly, selling the bounces should continue to offer
the better intraday opportunities.

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Good Trading,
Mike Reed