Wednesday, January 7, 2009

MARKETS 01/07/09

The SPY broke back down into its trading range being somewhat supported by the high of 12/1/08. On the intra day there was no significant buying all day.

The DX rallied all the way back to the point from which it broke down, and has dropped sharply since. This rally was notable for a lack of on balance buying at the "ask."

Gdx requires a separate discussion.

I made an error a few posts back where i said that citigroup had the weakest chart. That honor belongs to JPM