Friday, October 16, 2009

Poor BAC Earnings Spook The Market 10/16/09

Yesterday's Point-of-Control or High Volume Price was being tested when the poor Consumer Sentiment number was reported. In the Pre-Market activity, poor earnings by BAC sent the market below yesterday's High Volume price area.

As the market test Wednesday's day session low, we have been getting bullish divergences. However, the market is remaining below yesterday's day session low.
Next week is the dreaded third week of October when occasional market crashes occur. That psychological factor may also be helping to keep the market down today.

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