Monday, April 20, 2009

04.20.09 - Down Trend Day

We are seeing a broad-based pullback today with relentless sell pressure. Unfortunately, the out sized gains of the last six weeks really sets the market up for days like this, and it doesn't do much for long-term investor confidence, does it? Though Friday looks like a pivot high, the real question is where we go from here. Various levels are suggested on today's chart. Will we finally get a pullback that lasts more than a couple days? Meanwhile, I'd be careful trying to fade strong trend days like this.

Reading:

o Quant Edges/ Overbought?
o Quant Edges/ Time Stretches

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