Market Comment 4/24/06

Dateline: 8:28 pm Eastern Time, 04/24/2006

The market opened slightly lower on Monday, and continued
selling off in the first 30 minutes of trading. The first
bounce was feeble, and selling came in around the opening
levels. The market fell back to test the early lows by late
morning, and then bounced back once again. A bounce to token
new highs for the day occurred by early afternoon, but the
move didn't stick and another little shakeout followed. The
market moved back to make its highs in the final hour before
sagging into the close.

There is quite a bit on the economic calendar this week. We
get the Consumer Confidence number 30 minutes into the
trading day on Tuesday. The Monday action was less than
impressive, so look for early strength to be sold in to on
Tuesday. Thereafter, keep an eye on the resistance and
support areas for potential turning points. Shorting the
bounces as soon as the move fizzles should continue to offer
the better risk/reward opportunities.

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Good Trading,

Mike Reed