Tuesday, February 3, 2009

02.03.09 - Financials Lagging Badly

Most of my intra-day indicators are mixed to negative as we see mostly a sideways trade around the VWAP and above the daily pivot. Thus far, the falling five day moving average has proved resistance (dotted cyan line). My biggest concern; however, as noted earlier on Twitter, is the strong relative weakness of the financials (XLF -2.6%; Purple). As has been one of the few discernible trends of the new year, volume is extremely low.

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