Wednesday, May 6, 2009

05.06.09 - Can't Keep a Strong Market Down

After strong noise in the intersession, first down 1%, then up the same on the ADP numbers, we rolled over to the prior day close only to find immediate support at that level and register a series of higher lows and highs, which now have us back above the VWAP and rechallenging opening levels. Cumulative Tick and Advancing volume have been strong all day, even during the first washout, no doubt on strength in the small share financials. However, for now I expect those opening levels to be difficult to surpass. Talk about needing a flexible mindset!

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