Thursday, January 21, 2010

Technical Picture - Bears Own It

The breach of the ORL which coincided with the daily trendline set up the perfect storm. Broad based selling on heavy volume (institutional) into midday. The 50 DMA held as support, but still we closed near the lows. We aren't too oversold just yet, but soon. Oh, and we've given back the entire YTD gains.

GOOG earnings AH didn't impress, stock is down 30 pts.

SPY trade - Lower high is the tell. Breach of trendline is the trade.

H&S patterns for GLD and USD (inverse).

The VIX volatility index made a sharp move higher.

1 comment:

PRD trader said...

Google dropped like hell.