Wednesday, March 18, 2009

Technical Picture - New Recovery Highs

A mixed open with the broader markets extending yesterday afternoon's weakness in early trade versus the NASDAQ which gapped up slightly. Bears were foiled and the bulls emboldened to pursue the upward momentum. A broad based rally with little in the red except steel and gold.

The aggressive advance off of the March lows was somewhat alleviated by yesterday's weakness, however, today's outside day leaves the markets somewhat extended. At some point we will have to correct.

Econ. calendar: CPI in pre-market, crude at 10:30, and FOMC rates at 2:15 EST.

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