Stockbee

Market Monitor

June 27, 2007

Slowly the worm is turning. First signs of leadership breakdown are all over the place.
Stocks up 25% or more in 65 days has pulled back by around 25%.
Rallies and attempts at bounce are failing.
So the multi month rally is under pressure.
Steel, oil and energy, industrial metals, silver, gold are some of the sectors leading the 4% plus down movers.
The coming earning season in light of these market conditions is likely to lead to sector rotation.
Summer doldrum and thin trading will further add to the market volatility.
It is slow selling and we are yet to see a 200 plus down day. Market has been resilient for many months and the longer term picture is still bullish. Earnings trend show no deterioration. There are no extremes in bullish sentiments.
Such conditions are not ideal for major long term bets. Best option is to wait for the market to tip its hand. Once aggressive selling period is over fresh long opportunities will present themselves.
A 200 plus move on long side is what I will be watching for.

Later: Season of opportunity is approaching.....

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