Thursday, February 26, 2009

02.26.09 - Struggling to Hold On

The market has given up most of its morning gains and is poised to break back down below the daily pivot (SPY $77.15). The NASDAQ 100 (QQQQ) is actually negative on the day. All daily directional indicators have turned south, and we had a mild negative bias coming into the day.

Trade nimbly -- while the short term trend may have shifted, we are still in a bear market. On the bullish ledger, 52-Week Highs - Lows continues to repair itself. And with the A.M. gap just about closed, if we can hold this range we'd have another higher-low. We'll see...

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