Friday, February 22, 2008

Freaky Friday

Top window is compliments This is a free/fee site with some handy tools for both technical and undamental analysis.
Once the Qs failed to break resistance midday at S1 it looked like a sure thing for a decline to S2 although volume was suspiciously thin. The fact that it was Friday and a fade into the close was expected added fuel that that fire. The Qs actually did hit S2 at 14:55, but it was an immediate reversal. And then the last 30 minutes kicked in on parabolic voloume with a news goose. Short covering at the S1 level . . .perhaps, and Monday's tape will likely tell the tale. My short term view of the market remains unchanged and tomorrow's weekly update will look at the Qs, the SOX and the XLF.

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