Monday, May 11, 2009

05.11.09 - Quiet Post Gap Trade

Price is holding at opening levels with the VIX likewise running sideways. In fact, just about every indicator is nearly lateral, save down volume, which naturally has continued to outpace up volume. Note also how all indices are struggling mightily with their five-day moving averages, which are proving strong resistance. Even the NASDAQ100, which - led by the Semi's (SMH) - has shown apparent relative strength after last week's weak performance, has been halted by this key level.

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