Today was the third day we are in a spring position on the SPY. In general we have 4 days in the spring position to make a move or the spring fails. Thus far we have not had any demand. Rallies since February 9, have not managed to retrace the usual 50%. Today we nicked the upper edge of yesterday's range and failed to develop upward momentum and closed below yesterday's low, unable to find support or rally power there. Volume fell in a narrow range day, showing that there is little interest in buying stocks. Unless some demand enters tomorrow, I believe we will penetrate the November lows and move much lower.Thursday, February 19, 2009
MARKETS 2/19/09
Today was the third day we are in a spring position on the SPY. In general we have 4 days in the spring position to make a move or the spring fails. Thus far we have not had any demand. Rallies since February 9, have not managed to retrace the usual 50%. Today we nicked the upper edge of yesterday's range and failed to develop upward momentum and closed below yesterday's low, unable to find support or rally power there. Volume fell in a narrow range day, showing that there is little interest in buying stocks. Unless some demand enters tomorrow, I believe we will penetrate the November lows and move much lower.
