Tuesday, December 23, 2008

Morning Observations 12/23/08

It is rare for a market to trade lower for 5 days straight, but not impossible. Of course, the day is not over, but it is not looking good for a positive day.
The large cap market did try to advance after 1030 ET, but could not trade above the overnight high. It did advance past the first hour pit high, but then this level could not hold support and became resistance. In contrast, the market traded lower than the overnight low, which then found resistance at the first hour pit low.

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