Monday, February 23, 2009

02.23.09 - Shorts Cover but No Buyers

Shorts covered over the weekend in front of the banking news, but no buyers showed up to carry the baton forward, and the gap has closed on strong momentum all the way down to S1 (SPY $76.20).

While we are holding that level less a couple dimes just above the Friday lows at the mid-day, I can't point to any internals supportive of a reversal play. This market continues to be broken. And just as I hit post... looks like a full court retest of those Friday lows. Will they hold?

Last Two Hours Sector Performance

Financials and Consumer Discretionaries beat Semis/ Energy/ Staples. SPY RSI-2 = 0.29 and 52 Week Highs - Lows improved from Friday. Worth thinking about [on the long side].

No comments: