Wednesday, March 26, 2008

03.26.08 - Sell the Rally?

A follow through from yesterday's end-of-day pullback remains underway, albeit mild in magnitude thus far. Price is trying to break back through the five-day MAs, which remain positively sloped. Also, the cumulative tick has just gone positive. I think this is just some backing and filling as we head into the end of quarter.

Please see yesterday's post-close update for more about the "mixed signals" I was noting.

11:50AM CST UPDATE: Money is coming out of bonds but the stock market is down. Where is it going? Commodities!

o Blog to Read: Quantifiable Edges makes the pullback case.

2:20PM CST UPDATE: A program trade (judging from volume) just took us up momentarily to the daily pivot at SPY 134.60. Got taken down just as fast -- man alive. Some Bear rumours floating around apparently too.


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