Aug 052010

Short commentary today. I had it done and then I had a technical issue that killed it. The bottom line is the claims number missed but the market appears to be shaking it off and waiting for more confirmation tomorrow since the miss was minor. Institutions have been playing the long side on heavier volume up until today but appear to have reversed. We should see good rotational activity today within the inside ranges say between the 9 and 28 handles. Outside there we may see some trending. Remember to pay attention to the composite where we are on the cusp of a fast market up with the key rejection spot in the mid 20s we keep bouncing off and on the short side it will take very little to push us down under the 200 somewhere around the 8-10 handles and fall quickly back to the high 90s again. Does it happen today or tomorrow? Who knows, but watch those levels closely today.

 Posted by at 9:07 am

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