Monday, April 6, 2009

04.06.09 - Slow Grind Lower

I think the most notable aspect of today's trade is how widely proclaimed it was. Even CNBC was looking for a "pause" today ahead of earnings season. So, the corollary observation is how orderly this pullback is on fairly light volume. Nevertheless, though we are seeing a pause in the declines at the midday, it's hard to imagine a scenario where we recapture the VWAP/ 5-DMA as overbought as we were -- with technicals and price well aligned, the day's trend remains firmly down, if not midly so. Next potential SPY support is near $82 (S2).

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