Moderate Action

Indexes continued the rally with moderate gains helped by the IBM buyback plan. While IBM's action does nothing for the larger issues facing stocks, it is another bit of news that peppers the bears. SP500 and DJI are continuing to add on to Friday's gains without much of a look back. They still need to make new monthly highs before a turn can be declared and as of the close the SP500 is 100 points below with the DJI 600 under. Despite the two and a half day rally, the indexes have shown short covering to be the only feature.