Keep Your Powder Dry

Yet another day of consolidation? One can certainly hope even though the bulls were not able to build any upside pressure following today's fresh M&A activity. As usual, the bulls showed up to hold the line when they needed to.

Unfriendly comments from Greenspan and higher oil prices are to blame along with continued anxiety over the market's performance streak. Buyers were still present in utilities, power producers, packaging, oil & gas, and mining while sellers were in control of the transports, railroads, and coal.

We've got a lot of data ahead along with the end-of-the-month and beginning-of-the-month pump and dump. As usual, I recommend a healthy dose of patience if you're trying to grind out a few profits this week. My gut tells me that we'll be seeing more attractive opportunities in the near term so keep plenty of powder dry. Have a good evening!