"Goodmorning...Wednesday's action left a lot of traders asleep by the afternoon. Basically the market traded in a very narrow range on light volume. After really not a lot of definitive action since October of 03, a lot of traders have taken to the sidelines. This is usually the time things start to get heated up again. But you might ask how will the market get moving with all the concerns over higher future interest rates and inflationary pressures. First of all, everyone already expects higher interest rates...this is built into the market. Secondly, most of the inflationary pressures have come from higher oil prices. This too is built into the market, and the "big" move has already taken place. The only surprise at this point would be a move lower, which would be good for the market. An the overall inflation picture, as noted earlier in the week, is one where the longer-term chart is in a bearish trend. It may not happen in the next couple of days, and the technical landscape does need to improve, but we think the odds favor a surprise move higher sooner rather than later."
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