After a dip at the open the rebound was not as quick and was far less certain until a buy program at the close rescued the S&P from a loss and brought the Nasdaq back from a bigger loss.

Are the bulls tiring or just pacing themselves for a big move after the Intel earnings? Or, could they be worried that all the good earnings news is already priced into the market? I think the year-end cash flow into index funds is fading and that is dragging on the markets. We won't know until the weekend and we can look back on the week and say with certainty once the dust settles.

Unfortunately the Russell ETF (IWM) and Freeport McMoran gapped higher at the open and that was the high for the day. That is not a desirable way to enter long positions. Gold is trading up again over night and the dollar appears to be weakening again.

AvalonBay gapped up to $81.75 at the open and stopped us out of the long put for a minor gain. Lufkin also gapped up to $75.16 and hit our $75 stop at the open. Have I told you how bad I hate mornings?

The futures are down about -2 points for Tuesday morning. I am still hoping for a decent dip before Thursday but time is running out.

No new plays today

Jim Brown

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