Wednesday, February 11, 2009

Today's Markets

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The main issue today is the markets didn't go any lower after yesterday's swoon. The spy was up about .6%. the market traded to the 61.8% Fibonacci level but couldn't get any higher. Considering yesterday's damage that's not bad. From a fundamental standpoint, the news of the stimulus compromise came at a bad time -- right before the market closed. we'll see if the excitement holds up into tomorrow's open.

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On the daily chart, the main issue is we stopped the bleeding.