Wednesday, October 28, 2009

10.28.09 - A Failure to Bounce

We had good reason for a technical bounce today, but the fundamentals chose not to comply and the S&P500 is now challenging its fifty-day moving average in an apparent down-trend day. The VIX is steadily climbing on highly negative cumulative tick, wildly outpacing down volume, and down-pegged decliners. I will not put more long exposure at risk until this cycle plays out on a volume basis (it's still building into the down move, a recent "bull" market first).

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