Monday, September 8, 2008

Today's Markets


Let's pull the lens back and put today's action in perspective

Prices jumped but closed below the open. Prices also formed a hammer -- not exactly the most promising candle we could see.

Also note the following:

-- Prices jumped into the 10 day SMA and fell to the 20 day SMA

-- The SMA picture is very confusing. While they are all going lower, they are also bunched together very tightly along with prices. In other words -- we don't have a solid direction either way right now.

Short version: when all is said an done, we're still pretty directionless right now.