Intraday Market Action
Posted on June 30, 2010 by trader21 in GLOBAL CHART ANALYSIS
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Huge down day on Tuesday followed by what doesn’t even qualify as a dead cat bounce and on quarter end! This is very poor action. It looks like even the big institutions have thrown in the towel for this quarter and are in damage control mode again which includes taking all of their risk trades off the table and taking profits on even the highest quality names.
Now we see Moody’s putting Spain on review for a possible downgrade again of their debt. The Euro was holding up but with news like this we need to see how it reacts. If it can shake off the news then this is a very positive sign. If it can’t then we could see much lower prices. As for now, no reason to try and initiate new positions. The stocks that are making the biggest moves are stocks that are stretched well below their 200 day moving averages meaning they are the stocks that have gotten beaten up the most. We do see some positive action in the airlines but those are also just bounces after getting crushed over the past couple weeks.
As much as we would like to get some nice trades we have to play with what the market gives us. Right now that is just high risk bounces and mostly broken stocks.
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