Monday, July 16, 2007
Consolidation today after last weeks momentum. A lot of failed breakouts today, glad I hesitated on my alert points. Same with the broader indexes, early rallies and plenty of selling in the afternoon. It feels like the DJIA is moving purely for psychological reasons, pushing for the 14k mark. You know it's a lame day when one of the best performers is a pancake house (IHP) that announces it's buying Applebee's (for $1.9 billion). Sounds backwards.