MidDay Review 04/16/09

TradeStation lost their trading server early this morning, but the problem appears to have been corrected.

The market opened above the 78-Period Pivot Line, and traded down to it. With a bullish Discretionary and Technology Sector and better than expected earnings from JP Morgan and a drop in jobless claims, I thought that the market would be more bullish following the closing of the gap. However, the bakruptcy of General Growth Properties may have scared the bulls. After 1030 ET, both the Financial Sector and ES Futures made a lower low for the day.



The correction after 1030 ET was not a surprise, but the magnitude of the correction surprised me a little.



However, I don't get fully bullish until I see the moving averages of the ES Futures on the 1 minute chart cross the VWAP line, which did not happen at the 1030 ET test of that line.

Charles