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Tuesday, September 22, 2009

It's Tuesday, Must Be An Up Day

It seems that we are establishing a new resitance level at 1074, however temporary that may be. I put in both the exponential and simple 200 day moving averages, to show how far apart htey are, and how far we can drop and still be above the simple average. Volume increased today, so we may be reversing the low volume up, high volume down days trend.

The Nasdaq managed to get through resistance today (what resistance there was) and volume here was above average. Things are starting to look quite bullish again.

The Dow industials on a meek gain in volume. It's really amazing to see how far above the 200dsma this is, and how far it would have to drop to test it. I don't expect to see that anytime soon.

I haven't paid much attention to the transports lately, but they did set up a nice base from which to launch this most recent uptrend. If there are any signs of weakness in the market, it looks like this is it.

The Russell 2000 shows not much weakness at all. The screwball 666 target I had on Friday just might be within reach here. A break of 620 looks imminent, and it's not that much higher to go.

The market again refuses to sell off. We had a fade of the opening rally in the first hour this morning, and that was the only sign of selling. If the big boys are still selling into strength, they are doing a damn good job of hiding it.

We had 3 treasury auctions today, on 1 month, 1 year, and 2 years. I haven't calculated the bid to covers, but all look like they were well over 2. Despite the mad runup in stocks, binds are still catching a bid.

I will likely have the new highs update slightly earlier than usual tonight.

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