Monday, June 22, 2009

06.22.09 - One-Way Trade

Equities have been hit hard today with nary a bounce and the S&P 500 broke through its 50-day moving average like it wasn't even there, which is now right at the apex of a cross with the 200-day. Here is some reading on that statistic by Michael Stokes at MarketSci. Internals look equally bad, although price has apparently stabilized just above SPX 890 during the last hour. We may yet see a bounce here, but I'm always wary of trying to fade trend days.

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