Monday, March 7, 2011

Mid Day

Markets flashing bearish activity today. After a quick positive open, markets have been sliding ever since. The S&P 500 is barely hanging onto its 50 day MA at 1300, but the Nasdaq has lost its 50 day intraday here. The chips, a top rated group as of late is faltering here and is just above its 50 day MA. Volume is tracking higher thus far. And we did notice a few Mondays back that the strong Monday trend was waning and today is certainly making that prognostication looking more and more real. The VXX is retaking its 50 day MA in big volume here, and the SDS is knocking on its 50 day door. Both of these ETFs have not been above their 50 day MAs since last summer. Could be a trend changer.

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