Monday, April 26, 2010

State of the Market - 4/26/10

A really slow day today on Wall Street, as last week's momentum could not continue early on and stock drifted lower in a choppy fashion throughout the day.   Both the S&P and Nasdaq finished with losses but neither were very large although the market did finish at its lows for the day.   Volume was predictably lower.  

Technically, not much changed today from what I mentioned in the video last night - we are still above the 9 day moving average on both indices and as long as we are I don't think you can get too bearish.   I will say however that I saw some reversals in individual stocks I have been watching like SA, BEBE, and FINL that have me thinking maybe we chop around here a bit more.   I didn't see too many stocks moving today.  

I made no moves today and am not in a rush to do so.   Most of the setups I showed last night are still OK but I am taking a few off the watchlist after today for the time being.   I assume we'll keep moving higher but you never know I guess.   I don't know - I really don't have much of a feeling right now either way.  Sometimes I get like that.   Maybe tomorrow will give some clarity to me at least.   Good luck Tuesday.

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