Friday, April 11, 2008

04.11.08 - Shakedown

A pretty weak attempt to fill the gap has turned into a deterioration of the cumulative tick. Stay out of the way. That said, should be support between here and SPY $133. Note we are right on top of the 20 and 50 day moving averages (although the 5-day has rolled over again).

3:00PM CST UPDATE: Very, very ugly. Back to where we were before the last week's up move. I have to admit I didn't think we were going this far back. I bought a bit in towards the close. "Hope" it doesn't gap down on Monday. Please note that big move downs on low volume, are actually bearish, not bullish, as the common wisdom goes.


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