Choose Wisely

• November 21, 2001
• Dave Floyd

I had to look
at the five-minute chart twice yesterday afternoon. Was it possible
we actually closed lower on the day, after several consecutive days of unabashed
futures buying off morning lows?  It appears as though the streak has been
broken. Going into today’s session, the market will have a couple of economic
reports coming out. The 10 a.m. ET release of revised Consumer Sentiment should
offer a good volatility spike and as a result, a couple of quick scalps. After
that, activity should die off as traders get a head start on the Thanksgiving
holiday. I will be one of them. Selectivity remains the operative word in this
market.

I will leave you with a rather funny
observation compliments of CNBC this morning:

“Goldman Sachs
has lowered their rating on Enron
(
ENE |
Quote |
Chart |
News |
PowerRating) from Buy to Market
Perform.”

I am so thankful that their top-notch
research team has rescued the thousands of investors who do not actively manage
their portfolios from certain losses. Wait a minute — the stock is already off
over 90%. Great job, Goldman.

Key
Technical Numbers

As always, feel free to send me your comments and questions.
Have a safe and enjoyable holiday! I’ll be back on Monday.

Dave