Mkt Report and Activity 29th Dec 2006

Well the sluggish trading continued today with an early bout of selling reversing the Dow ended up at a new record intraday High of 12526.7.It was not able to close above Wednesday's intraday peak of 12,519. At the close the Dow lost 9.1 points, or 0.07 percent,the S&P 500 Index (SPX - 1,424.73) lost 2.11 points, or 0.15 percent, and the Nasdaq (COMP - 2,425.6) dropped back below its 10- lost 5.6 points, or 0.23 percent.

I made one trade today buying the Commodity Index (GSG) that I mentioned yesterday, the index is around its lows but may not yet have bottomed so I bought half a position and may leg in to the other half if we get a bit more of a pullback.

Action for the rest of the week is likely to remain choppy within narrow ranges, but again watch for any possible big swings tomorrow as big players position themselves at year end.

If I do not post again this year then I hope you all have a wonderful time celebrating the New Year whatever your plans.


Best Wishes & Good Trading


RT