Monday, August 13, 2007


Not that we could sustain the volatility forever, but today's stock action is markedly slower.

Volume has dropped significantly from Friday's levels. Today's "bounce" has all the markings of an "oversold rally," "short covering," or a "dead-cat bounce." Take your pick.

My guess is that unless the bears come out in force in the afternoon session that we'll just slowly grind into the close. But of course, anything is possible. We could have another 3:30 buy program rally that drives the market back to 13,500. Expect the unexpected.

As for me, I got a little smoked in the TFX short that I held over the weekend. I think I've covered most of the loss elsewhere, but I'm having a pretty dull day overall. I'm taking it easy here during the "lunch hours" and I'll keep an eye on things in the afternoon.

Overall however, I'm more than happy to have a chill day of trading to just catch my breath.

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