Memorial Day Week

Memorial Day Week, Dow up big 12 straight 1984-1995, down 7 of last 11.

In good trading after the holiday weekend the market moved up 50 plus points, with oil slightly falling, which allowed traders to take entry to the June620P at 7.70 and less easily, and sell on support lines to 9.00 hours later. The June630C rose for tight profits in early trading, retraced and allowed new or second buys, and began a gap up again near 3 p.m. This one sold to highs of 13.90 in afternoon trading. Many traders reported fast scalp profits on the Dow moves today.

Floyd on soapbox:

Saudi Arabia made a contribution of $500 million to the U.N World Food Program to respond to rising prices, meaning the agency won't have to cut rations to the world's needy. This was the world's largest appeal for $755 million to cover increased costs that had threatened critical aid to millions of needy people.

Total contributions to this effort reached $960 million from 32 countries.

We can see these "facts" as "that is all that Saudi, which produces 25% of the world's oil, can give? Those greedy ____" to "where is the U.S. contribution, and how much do we spend in Iraq in a week?", to "what is the real reason that food prices are rising so much?"

Read our Dow projections and count carefully. We are in the midst of tests to upswing. Market news is not good...but oil showed a sign of weakening. The market appears ripe to at least try upswing. Post holiday happiness, or ?