stock market, stock market

[I'm Awake] Dear Member: In light of market conditions, I wanted to bring you up to date on my thinking. The markets are still falling and that isn't the best time to be buying any stock, but there is now some indication that the descent may be slowing or even getting ready for a turn. The major indices touched or neared support today. That is very significant in my mind since they must deal with the support line in one of three ways -- bounce up, break down, or go sideways. A break down would be pretty bearish in my view. A bounce up would at least be mildly bullish short term and could suggest a return to the upside. Sideways wouldn't tell me too much. Overall market direction is important since most stocks tend to follow the overall direction. Bottom line is that I want at least a bounce before entering a lot of new stock buy positions. In case you're wondering, I'm still holding DENN since it looks as though it may have formed a "hammer" at support. That could well be a reversal sign. The rest of the open positions, though not yet exciting, are doing ok in the face of this difficult market. Have a good evening and thanks for subscribing. Bill Kraft
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