Thursday, March 13, 2008

Thursday recap

A decent day for the Qs and once again the 5 minute 20SMA showed the way in both the Qs and the NYAD. Similar to yesterday action, but today's move ranged from S2 to R1, while yesterday was nearly a narrow range PP to R1. Volume also picked up today, although there was no acceleration into the close. . . so a bit of suspicion there. It will be interesting to see if current prices can avoid the Friday risk mitigation sell off that has characterized the markets recently. Narrow range Qs days have most recently been resolved to the downside, so today's action was a departure. The current daily chart looks ambiguous, but the 30 and 60 minute are clearly bearish. Today's close, while encouraging, remains below the 20DSMA, a line in the sand I consider important prior to initiating any new (short term) longs.

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