Wednesday, July 30, 2008
R1 is acting as intermediate support on the way back down, but I'm not convinced it will hold (now breaking as I write). Cumulative Tick is turning and the AD line is down trending. Still, an impressive reversal effectively putting in a higher-low on Monday. Will we see a corresponding higher-high by week's end? Outlook unclear, althougth the month-end effect is still in place.
o Blog to Read - Quant Edges/ Quick Recoveries
CLOSING UPDATE: That was no shooting star -- though it certainly shot higher, next stop the 50-DMA? Brian Shannon thinks so. Will oil continue to cooperate? I'd guess the energy complex is due for at least a bounce, but that doesn't necessarily mean further recovery will be thwarted.
Posted at 12:33 PM