Monday, August 18, 2008

08.18.08 - Monday Morning Pullback

Financials and Semis are leading the way down while Gold is getting a small break on the day. Adjusted Tick is just getting worse, so I'd consider waiting until the end of the day before putting any money to work. That said, I'll be looking for potential SPY support near the rising 20-day moving average today or tomorrow in the $127.70-$128.00 range. This is also the bottom of the rising trend-channel. If it fails to hold...

Have you voted in the poll to the right? It's just for fun to stimulate some interaction here, but do weigh in! I'll be keeping that open until at least thirty responses are logged.

12:10PM PST UPDATE: Sizable drop on low volume -- buy it? Talking heads will say yes; my studies say no though edge is slight. More on this later.

CLOSING UPDATE: Application of the comment above nullified by close -- I'll still post the study later this week. As a postscript, I did buy a little at the target of SPY 127.70, four cents above the low. I know... I'd just assume be lucky as smart, but see comment above posted much earlier in the day.

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