Thursday, September 17, 2009

09.17.09 - Blow Off Top?

Well, that would be a pretty presumptuous statement, no? Hey, but it feels good to have written it! The morning test of R1 failed precisely , now down to the daily pivot and back within yesterday's range. Internals are fairly negative and my sentiment indicator is pushing neutral to negative. Not surprisingly, the Semi's (SMH) have been hit particularly hard, down -1.8%.  This doesn't auger well for the afternoon session, but how many times has this market been saved by the bell?  For now, let's see if that pivot can hold else next SPY support at $106 and a quarter.

Never Investment Advice

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