Friday, January 30, 2009

01.30.09 - Absolute Truth Trumps

Even with GDP coming in ahead of the estimates, the hard truth of the worst decline since the early 1980s was too much for the a.m. trade to handle. And we were still faced with some pretty serious downward momentum from Thursday's trade.

All that said, price found a floor precisely at today's R2 level (SPY $83.05) and has been on an upward path ever since, putting us just past the VWAP as we recapture half of the morning losses. The AD and Cumulative Tick lines are confirming this move.

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