Wednesday, January 19, 2005

This close was fugly!

After close analysis:

Market breadth was -ve all day: vold trending down and below yesterday's action, $add was tight but -ve, $addq was -ve and below yesterday's action
Futures opened at same level as yesterday: they were held up, so they weren't in sync with market.
Indices were all trading below 30min emas for all day, except ab was holding around it.
Finally around 3:15est futs after retracing against emas brokeout to the downside till close.
Dow couldn't get past multi-day upper channel @10640 area. It looks like with poor close, there's more downside to follow tomorrow, especially with everything having a -ve Xover.

Only shorts were taken today based on the above analysis and that was good.
Didn't hold the last short trade long enough. Nice day though.

Overall positive day!