Market Comment 4/27/06

Dateline: 8:23 pm Eastern time, 04/27/2006

The market gapped down on Thursday morning and after 15
minutes of trading, prices turned up. Once the Bernanke
testimony was released, the market ran straight up. The move
was unsustainable and stopped right at resistance, and then
a pretty sharp drop followed. However, that weakness was
bought and the market took off again to make new highs for
the day just after noon. The futures made highs at 1321.00
on the SP futures and 1739.00 on the Nasdaq futures and then
the market started a drift lower. That drop took the SP
futures to 1314.00 while the Nasdaq futures fell to 1727.25.
Then with about 90 minutes left in the trading day, another
bounce began. A run up to test the highs failed and the
market sold off to end the day.

The market made outside days on the charts. Once again the
top of the trading range on the SP futures turned the market
back. The highs were made around noon and the afternoon
retest failed. The bears had the upper hand into the close.

Good Trading,

Mike Reed