Snapshot Notes - November 20, 2006

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MONDAY, NOVEMBER 20, 2006

PostCloseSummary

11/20/06 6:00 PM EST

Another range-bound day today, in keeping with what has become fairly typical for this time of year.

Over the next few sessions we should see volume begin to drop off precipitously, and prices continue to drift. According to the historical bias (which admittedly hasn't been a good guide lately), Wednesday and Friday have the best chance of showing at least modest gains.

Today didn't do anything to change my short-term or intermediate-term outlook...I continue to look for a relatively range-bound market in the short-term, but am convinced that those with a longer time frame would do well to consider buying index puts given the current readings among our measures and the cheap cost of this insurance.

On a side note, next week I will be on my annual migration to the great woods of Northwestern Wisconsin. There will be no intraday indicator updates or notes through this week (I will be doing brief Post-Close Summaries after each close, however). Also, the daily indicator updates will be delayed by possibly a few hours each evening during the week.

Have a great weekend and we'll see you after the close on Tuesday!

All the best,

Jason Goepfert

President and CEO

Sundial Capital Research, Inc.

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