Stock Market Update - May 20, 2009

I don't think anything has changed since last nights update. I still think we are going to see some type of top here. Traditionally post Memorial Day for the market is weak and it has displayed this for the last three years. The market price action was about the worst one could expect today. The volume today for the Dow was in the top 10 on sell off's over the past year. Not good if you are looking for something positive ... today was a distribution day for the Dow. Question is how low is this correction going to take us?

The Financials had the largest outflow of cash with over a billion dollars. Bank of America accounted for the outflow. The Total US Dow Market had an inflow of over $250 million. Today's percentage volume down was just under 54%. Also, an interesting note on the ETF for the S&P 500. It had a cash inflow of $98 million for the day. I think the market might be up early based solely on the technicals in the morning ... everything has bottomed and looks to be headed up on the technical readings.

I added at the bottom of the chart the inverse ETF for the US dollar. It has tracked the market pretty closely over the last year. This may be an indicator to confirm the down turn in the market.