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Monday, August 26, 2013

Manic Monday

It's been either computer problems or internet problems, and today it was both. I did manage to get one chart, but just barely. My internet went dead just as I was about to get my charts for the day, and is just now coming back, and speed is very slow. Anyway, we were headed for what looked like a breakout past the P pivot point today, and things did look a little shaky mid day, but we were still in the green and everything looked well. A last hour drop killed any breakout thoughts, as the computers took us down (it was about a 10 point drop in less than hour and had "HFT" written all over it). I saw no news that triggered the drop, but undoubtably some headline came across the wires that spooked the machines. Anyway, it now looks like a bull trap, and we are getting more confident in believing that P is going to be the barrier keeping us from moving higher the rest of this week, and we may be in for a drop tomorrow.  The Nasdaq and Russell 2000 both out performed today, while the Dow under performed, so all is not lost for the bulls.

The new highs update is ready to be posted, but the price relative scan is not done yet and will be late. Sorry, but nothing seems to be going right right now.

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