Thursday, August 20, 2009

08.20.09 - Third Plus Day

Interesting day, not really surprised to see more follow-through, but this does make us a little over-stretched even going into OPEX, and just under the recent roll over highs downward trend-line. However, that's on the daily time frame. Sticking with the intra-day, internals look strong although R1 has proven stiff resistance for the SPY (say $100.90) and there has been a strong divergence between the Financials and the Semi's. With cumulative tick continuing to run, though, perhaps we can push through after the mid-day lull.

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