Monday, May 10, 2010

05.10.10 - Big Bang

The markets registered an extraordinary gap higher on the euro zone support news, but have only gone sideways since with several of the leading indices now showing signs of fading under the falling five day moving average. Speaking of which, my tick data appears to be failing, so I cannot report on that today. Fib support should be in the low SPY $115 area -- we'll see as traders take pause after the short covering euphoria to reconsider why US involvement was really necessary to its full extend this weekend.

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