Wednesday, April 15, 2009

04.15.09 - Do Your Duty, Sell the News

Taxes and Earnings... Semi's (SMH) are down over three percent, presumably on Intel's "vague" guidance. However, Financials (XLF) are holding steady after yesterday's sell off on the Goldman offering. Whatever the cause, the last two days put us under the up-trend line from the March bottom. This is healthy so far and that trend was clearly not sustainable. On the downside, I expect initial support at the twenty day moving averages should we fall that far in the days ahead.

For today, internals are net positive and upward sloping. However, the daily SPY pivot has acted as resistance twice. We'll see if this nascent up momentum can bring us up and over that pivot and into the five-day. If we do, I'd expect stronger resistance at that level. Just now, that momentum is beginning to look a tad sluggish though.


Talc said...

A little confused with your link for JPM expectations:

Jeff Pietsch CFA said...

Yikes -- I swear that ain't my link! Maybe tiny url problem?

Try this: