Friday, August 28, 2009

08.28.09 - Olde Fashioned Gap Fill

Apparently too many successive days higher and other short-term overbought oscillator indications became too tempting not to sell into on the morning gap higher. All internals look fairly negative and cumulative down volume is now joining in the party. I'm not looking for anything too severe, but at the mid-day I would have to conjecture a close below VWAP. At the very least, be on the lookout for recovery resistance between there and the five-day moving averages.

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