Monday, Monday

The major indices look strong. Most have retaken their 50 day MAs (RUT, SPX, MID, NDX, but not OEX or INDU). "TC shorts" (Trend Continuation shorts) set up near the end of last week, but did not trigger, except on the NDX and the HGX, and even there, they barely qualified for a short. So anyone who took the long trades on most of the major indices are still long. We could get a trend change back to UP on the major indices. The warning, however, is that our "canary" sectors -- the banks, brokers, and home builders (BKX, XBD, HGX) -- are lagging. None of them broke their 50 day MAs in the exuberance of last week's buying.