Thursday, May 21, 2009

05.21.09 - Washout

Markets are experiencing strong follow through on yesterday's reversal and "renewed economic concerns." Well, some of us didn't forget anyhow! The VIX has carried back above 30, but has seemingly stabilized at the mid-day along with price. Nevertheless, the falling daily VWAP is proving strong resistance. Can't quite call it a trend day just now and note how the Financials (XLF) are actually holding their own, but the need to exercise caution is obvious.

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