Pre-open 10-02-2006...

Like last week, I will attempt to provide my thoughts on the market based on the SPY 3-month daily and 3-year weekly charts. Basically, the markets are still overbought and now CCI and slow stochastics are rolling over. Thursday's doji and Friday's would be bearish engulfing support the view. The bulls can argue the weakening volume supports their cause. I expect a pullback to $131.05, the intraweek low. If the bears really have their way, I see $128.80 as the next stop based on the daily chart. The weekly chart is not too informative, just overbought.

My notes:

As for charts, only two stocks to watch Monday morning. KRC and PPDI are the only two stocks that look good at the moment as all the rest look well overbought and looking to correct. I also have the NX trade still in play.

For now,
Masterjaz out