Monday, July 28, 2008

1:53 ET DJIA -168, SPX -13, Nasdaq -28, RUT -10, SOX -4, Oil +41 cents Markets have been falling most of the day, with a small rally starting about 15 minutes ago . It appears very improbable that the bullish haramis on Friday will confirm today. Our question posed whether Friday was the beginning of a reversal or a pause that refreshes the sellers appears to have an answer...it was a pause as sellers have been in strong control today. The DJIA is below Thursday's low and its 20 DMA. The SPX is below Thursday's low and its 20 DMA. The Nasdaq is still above Thursday's low and its 20 DMA. The RUT is below Thursday's low and is at its 30 DMA and above its 20 DMA. Of course this is still intra-day action at this point and we will see if sellers are still in control by the endo of the day. It appears we are looking for a potential higher low at some point other than Thursday's low in at least three of the broad indices. Monday's Action Moving Up: PCLN, BIDU, FSLR, X, CLF, ANR, CF, BUCY, CNX, AGU, NUE, MOS, BTU Moving Down: MTL, AAPL, SOHU, MA, GS, STRA, NIGH, RIMM, MER, DECK DRYS, AMZN, IBM, POT, ESRX, MS, MON, LEH, BAM, CELG

1 comment:

BOBB said...

Dave:
Been out for a week-looking forward to getting back at it and to next week's Vegas Investor Conference.
Thanks for all you're doin'
Robert
CANI_2121