More Conflicting Evidence

• January 15, 2002
• Dave Floyd

This morning’s
report will be abbreviated. I will return tomorrow with a more in-depth report.

The bulls
lost a bit more ground yesterday, but it certainly wasn’t a situation
where all hell broke loose. Perhaps the combination of a slew of earnings
reports and options expiration week will keep a lid on a major sell-off or rally,
until all the chips are on the table. It will be interesting to see the earnings
reports, but more importantly the spin that is put on them, in light of the
Enron/Arthur Anderson situation. Just a thought.

The afternoon session may be a bit
muted ahead of Intel’s
(
INTC |
Quote |
Chart |
News |
PowerRating) numbers, so be selective.

It looks as though the December Retail
Sales Report came in a bit better than expected, as well as the revision from
November. Again, the market gets more conflicting evidence. It will just take
time for the bulls and the bears to fight it out.

Key
Technical Numbers

As always, feel free to send me your
comments and questions.  See you in TradersWire.

Dave