Tuesday, September 2, 2008

09.02.08 - Stop Talking About...


...the "RALLY" CNBC! It's over and the market is trading down; they can't seem to change message mid-stream (edit: also they are Dow-centric). Adjusted Tick started heading south early in the day. Come on guys. Maybe we'll see some support near the Pivot/ rising 5-day. Watch the A-D line -- the markets need to hold about here to put in a higher low. I'll be watching, but right now I'm not convinced.

11:00AM PST UPDATE: Pretty big give up; only the Dow is up a third of a percent. In CNBC parlance that must mean we are still holding onto the rally. The production report is pending any moment.

11:40AM PST UPDATE: Looking for support between here and SPY $127.35. I realize that is a broad range - but it's really just a fraction of what we have already seen. Huh, look at Financials (XLF +0.09%).

Reading:

o Quantifiable Edges - What if Volume Doesn't Return
o WSJ - Australia Cuts Key Rates

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