Wednesday, July 29, 2009

07.29.09 - Trade Under the Five-DMA

Back after an Internet outage, so late post today. Market once again shows resiliency after the weak bond auction and overnight Asian performance. Nevertheless, we are now trading below the VWAP and under the (intraday) five-day moving average as down volume continues to build for the first time in weeks. Also note the first lower low and high in quite some time. It's possible that the bounce off of SPY S1 was merely reflexive, so longs should continue to exercise caution into the close.

Never Investment Advice


David said...

maybe the "goldmanites" and the fed are finally taking a break from buying up S&P contracts and selling actively to the bullish fund managers :o)


Jeff Pietsch CFA said...

Ha... I like all the blog talk about only the buy algo being heisted from GS... Cheers, JP