7/13 – Market Commentary

07/13/2009, at 6:09 pm

On the surface, this was a nice day… a nice UP move, higher volume, etc… however, the DOW could only manage a bump up against ALL of the overhead trend resistance… the 200-Day, the 50-Day and the now down-sloping 20-Day MA’s.

The DOW is suddenly back into a “confirmed” daily downtrend from it’s 6/11 high of 8,878…  Similar action on the S&P with a bump up against its 20-Day, but in this case, at least the S&P has held above its 200-Day… otherwise, UGLY.

As for the NAZ, it looks much like the S&P now, failing to break above its 20-Day MA…  ??? from there… anybody’s guess out there right now though i haven’t changed my feeling from last week… it feels like down from here with the heart of the summer ahead.

We are going to stick with story stocks for now like RMBS, TSRA, and maybe even some TIVO now that it has corrected from the big news.

Coach BD

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