Mid-Day Review 03/23/09

Trader are again favoring Discretionary Stock over Staple Stocks, which confirms the bullish sentiment in this morning's market.



The 1000 ET Existing Home Sales Report (4.72 M) was better than consensus (4.5 M). The market is also bullish over the Administration's plan to eliminate the toxic assests of US banks. Perhaps they actually have a plan this time rather than just talking about a plan.

One negative is that the market has been unable to trade past the lower 1 Standard Deviation Line of the 10-Day Average Distance that the market typically travels from the 0930 ET open.



As the market traded higher, the previous high pivot became support.

Charles