Sunday, June 28, 2009

Stock Market Update - June 26, 2009

Here is a chart of the hourly Dow as of Friday. Things are kind of in no man's land ... meaning price looks like it can move in any direction come Monday. Note based on the green line above that the biased trend is still up.
Here is the daily chart. Money flow is still showing support for a while as well as the indicators at the bottom of the price chart. We had over $8 billion in cash inflow for the market on Friday with heavy volume on the NYSE. We only had a 51% up volume day on the market. I am still looking to short this market above the 8,500 level if the conditions warrant over the next few days and weeks ahead.

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