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Friday, December 12, 2008

Fraud-day Update

The auto makers bailout has failed, a market maker on the Nasdaq gets nailed for fraud, and the dollar collapsed overnight. Everything was pointing to a down day, and we got one at the open. There was a fill-in-the-gap rally, and now we are holding steady. The SPX has establish a low of 851, which I expect to be retested soon. The TNX gapped down huge and is having it's own fill-in-the-gap rally. I'll be watching this to see if it reverses after filling the gap. Technology is the strong sector today, and it reflects in the relative strength of the Nasdaq. Energy is weak. It is going to be extremely difficult to sustain a rally with altermating strong/weak sectors. I haven't checked them all, but most of the breakouts this past week have failed. There are none so far today, and only one new high, LZR.

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