Friday, November 6, 2009

11.06.09 - Quacks Like a Duck

The market held firm at the daily SPY pivot in-spite of the jobless rate report and initial dip. In fact, internals have been aligned to the upside since mid-morning, although they have just now found some potential breakout momentum.

Nevertheless, Up and Down Volume are about evenly matched, risk appetite looks light, and I assume we are in a range day here ahead of the weekend. We'll see soon enough how those prior highs at the 20-day moving average are handled on the second test, which will likely be the big afternoon tell, one way or the other.

Oh, "Quacks Like a Duck" -- Bull Market, right? Though I'm sure the blog-o-sphere will be full of Head-and-Shoulders talk this weekend; remember, it's only a pattern when it's confirmed and for now this is just one more cycle in the recovery.



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