Month: January 2009

that is the best one word description of the markets. The bulls cannot stay in control for more than a day or two and each new failure leaves buyers with less conviction. Staying below 2960 will be very harmful to remaining longs. Things could get very ugly over the next few weeks.

The market came down to the 2960 level and it is attempting to bounce, but the volume is unimpressive so far and the A/D ratio stinks with 480 advancers and 2513 declining stocks. There is no reason to be a buyer here.

is back in play on the QQQQ and failure to hold above that level and the rising 5DMA could prove to be the catalyst of a failure on a bigger level. If the market can push back above 29.95 the morning lows will mark an important higher low. Go slow til we have better clarity.

after the Fed announcement. If we continue to hold above VWAP there may be another leg higher, but the large volume after announcement raises some concern, dont let your guard down.