Tuesday, January 20, 2009

Morning Observations 01/20/09

The bad news of the Banking Sector convinced traders to sell in the first 30 minutes of trading. State Street's value was cut in half this morning. The market found support right at the 10-day average distance from the 0930 ET open. The market corrected almost 50% from the early action range, and then retested the lows with higher $TICK's. Now the swearing in ceremony.


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