Thursday action was a little discouraging, but not disappointing. Its not surprising to see the market down and our momentum indexes pretty much held up nicely. Short term momentum is recharging which is a good sign that we have taken down moderate and slow momentum. What was discouraging was the tech stock action late in the day. It looked like techs were going to shake off the Oracle earning news, but it fell apart late in the day. Now we are faced with tomorrow being a critical day to sustain our momentum indicators.
No new sectors moved out of the neutral zone into the TradeWind zone, but the neutral zone continued to grow as Midcaps (MDY) and agriculture (MOO) joined the crowd.
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