Tuesday, October 6, 2009

10.06.09 - Trend-Day Part Deux


Internals are showing very smooth and aligned trend strength for the second day in a row with today's gap and go.  This brings us back up above the majors' respective twenty-day moving averages, which may again act as support.  Volume is better than yesterday, but still underwhelming.  Even as the move is pushing us into the early stages of overbought status, recall how many extended upside runs we have had lately.  This does, however, certainly put increased pressure on earnings in the week ahead.

Update: Obvious trend-day failure... keep an eye out on the sentiment indicator to the right.  Looks like R1 saves the day with a couple huge tick readings coming in just now.

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