Nothing Much To Say.

There's not much new to say about this market other than for now it wants to go up. Most major players need stock prices higher by the end of the year, so the path of least resistance is up. Most stocks and ETFs are overbought by my measurements but this is a condition that can last for a long period of time. Money managers that have missed parts of this move are desperate to put cash to work. They are finding a dearth of sellers.

Thanksgiving week is historically an up week for stocks. Volume tends dry up as the week progresses. The markets for most purposes will close down after Tuesday. Wednesday will see volumes taper off as the day moves along. Markets are closed Thursday and Friday is a half day (Doesn't everybody go shopping instead?).

Somethings in commodity land look attractive to me for more aggressive accounts but for the most part I'll be content to just watch from the sidelines. I am doing some more extended work on the new breed of inverse ETF's. These are basically ETF's that go up as the market goes down. I don't think markets have much downside left in them in 2006 (of course I could be wrong) but I want to better understand how these inverse funds work. The day will come again when we'll want this tool in our arsenal. It wasn't raining when Noah built the ark and I want to start preparing for the inevitable future correction now.