New Effort

After launching this blog with a solid flurry of posts...my activity has slowed down dramatically with my last post in mid-April. And the irony? The S&P 500 (SPX) is virtually unchanged!

In other words, there appears to be a serious battle between the bulls and bear that has resulted in a good deal of churn. While the bulls argue that this "failure" to break down further is encouraging, I am not so enthusiastic.

We have seen what appears to be a number of buy programs come in and "save" the market at key times. However, this buying has not been able to gain enough traction to give an actual boost to the major indices. This seems to be a concerning item as you have to wonder how much reserve capital the bulls have.

With major indices such as the Nasdaq-100 Trust (QQQQ) and the Russell 2000 (RUT) near their lows for 2005, you have wonder about the complacency of Wall Street that Bernie Schaeffer noted in his recent commentary - "Déjà vu All Over Again: Happy Bulls, Complacent "Bears""...