Thursday, July 30, 2009

07.30.09 - The Beat Goes On

After two mild down days we broke out of the congestive range from the get go this morning on strong advancers and tick action. A 23% extension indicates SPY $101 above, but this has been a somewhat marginal trend day so far even though the VWAP is holding and, while I'm not fading it, I see some risk that this is a false/ captitulative break up to the psychological SPX 1,000 number. We'll see -- it certainly seems alot will be hanging on the GDP tomorrow. Then again, this market will never go down ever again, right?

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