Monday, September 7, 2009

Stock Market Update - September 4, 2009

The very near term for the Dow hourly chart looks to be overbought ... I would not be surprised if we did see some sideways movement ... remember you only need a couple of hours for this to burn off. The primary indicator (green line) is still up and the money flow looks to be topping as well as the tick data (chart below the price in blue).

Money flow for the daily chart has turned back up. Primary indicator is still down ... we will just have to wait and see what the dollar has in store for us. Friday gave us a cash inflow for the broader market with over 85% up volume on the NYSE.
Just a note the silver short was stopped out at $6.75 for ZSL if anyone took the trade.

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