Friday, July 9, 2010

07.09.10 - Near 20-DMA Tag

The SPY came very close to tagging its falling twenty-day moving average this morning. Internals are positive and, short of a late pre-weekend bid lift, I am looking for a modestly positive afternoon session. Although we are near-term overbought, intermediate indicators are beginning to trigger buy signals. These cross-currents could make for a most interesting kick-off to earnings season next week coming off of a prospective corrective bottom.

No comments: