Thursday, January 29, 2009

01.29.09 - Back Under the Five Day

Yesterday's action left us technically overbought and vulnerable to today's jobless claims report. After bouncing twice off the intra-day five-day moving average, we have broken below that and continue to drift lower, now just under S2 (SPY $85.20). The cumulative tick and AD lines remain weak, and so I remain hedged. However, the VIX is up only slightly to about 42. I'll be looking for prospective support near $84.75.

Never Investment Advice

3 comments:

Anonymous said...

Jeff, I'm curious how you found SQNM today. Might be a helpful post for some of us.

Jeff Pietsch CFA Esq said...

Hi, it's a pull back strategy that I am obliged to hold tight on... however, I have seen similar systems described on the web, and I will post links here to those (If I can find them) later tonight... take a look at today's chart and try to internalize "what you see":

http://finance.yahoo.com/echarts?s=SQNM#chart1:symbol=sqnm;range=5d;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

Jeff Pietsch CFA Esq said...

Oh, once you are at that chart, look at multiple time frames.