Wednesday, March 4, 2009

Today's Markets

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Today the market opened higher but then moved down to the 50 day SMA. The market repeated this several times throughout the trading day. Note the market sold-off at the end on a volume spike, indicating traders did not want to hold a position overnight.

On the daily chart, notice we're still in a downward sloping channel. In other words -- we're not out of the woods by a long shot.