Wednesday, September 16, 2009

Stock Market Update - September 16, 2009

I am going to lead off with what matters the most ... the direction of the dollar. That is all that matters at the moment for stocks.
The rally for the short term looks exhausted ... not to say we could see a sharp spike in prices due to an up exhaustion phase.

Today we had an inflow of $1.9 billion in cash for the broader market and we had an 84% up volume day. The item that really concerns me that we had heavy selling into straight for SPY and QQQQ today.

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