Tuesday, May 13, 2008

05.13.08 - Retail Higher, Stocks Lower

The little gap up was faded and we are now headed south, seemingly towards the 5-day moving average around $139.50. I imagine we will find some nice support between there and $139, should we actually head that far down. Take a look at tick though -- we've been seeing many one way trades this year and cumulative tick is coming down sharply and yesterday's "recovery" volume was awfully light. Metals are off big time, but narrowly recovering.

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