Friday, June 26, 2009

06.26.09 - Consolidation

The major indices are mixed with the NASDAQ100 (QQQQ) and Russell2000 (IWM) positively outperforming the down S&P500 (SPY) and Dow Jones Industrials (DIA). Also diverging from the mildly negative S&P are its underlying technicals, which, though negative, have been mostly upward sloping since the open. For now I'm willing to call it consolidation after yesterday's monster gains. We'll see soon enough whether "they" can continue to push it up into the end of month, or decide to pause and take some chips off the table ahead of the weekend.

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