Friday, March 13, 2009

03.13.09 - Only Consumer Staples Green

... and that tells us... Well, traders had to expect at least a small pullback after this week's enormous run. Not unhealthy and so far quite moderate in scope. In fact, yesterday's big winner, the Russell 2000 remains flat.

Internals are mixed at the mid-day, with Cumulative Tick attempting to repair and the AD line seeming to flatten. Just now it looks like we may see a reversal to the VWAP. We'll have to take it step by step from there as we remain overbought short-term. Will we see support and confirm the right side of an inverted head and shoulders? Oh, the dot, dot, dots above... the recession trade isn't completely over, is it?

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