Monday, June 15, 2009

06.15.09 - Down Trend Day

At the mid-day we find ourselves in a relatively strong down trend day. Early tells were lack of attempt to fill the gap down, a first rejection of the VWAP, nary a Tick above zero, the VIX leap and strongly trending Advance - Decline weakness and Down Volume strength. The only moderate reading for the day, is Volume. While we seem to have found some support at the rock bottom along the two-week trading range, we have broken just slightly below it, and I would be wary of attempts to fade this weakness too early.

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