Wednesday, October 1, 2008

10.01.08 - Heading for the 5-Day MA

Hope you were able to take advantage of the pullback. Still a trader's environment, trail stops if you're just scalping. I don't see how the Fed can avoid cutting rates in addition to all the monetary injections if things don't loosen up. Don't forget jobs are on deck for Friday too. ADP looked promising. We'll see.

10:55AM PST: Market seems to be looking for reasons to go up, but this hypersensitivity to every headline is craziness! Now we are back to tracing the five-day MA on its's downward slope.

11:15AM PST: Cumulative Tick (unadjusted) slope went positive earlier in the morning, it is now also positive on an absolute basis. We are seeing net buying [add: on moderate volume. However, I still point to the non-financially weighted Nasdaq 100 (QQQQ -0.75%) disconnect on the day as the consumer tell].

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