Thursday, September 30, 2010
Market is churning
Churning is what we see near a top. It had a great opportunity today to hold onto $115 (SPY) and gave it up.
As you can see, today we have thus far a bearish engulfing candle on high volume. The gain in the last 14 days is pathetic. This is really not looking like a rally continuation, but rather a top.
3 comments:
"They" don't want to let GLD go just yet. Stubbornly hanging on.
More info coming out in the morning. It will be interesting to see what the biased is on the close. Someone is supporting the last day of the quarter. By the way, today is the last day of the fiscal year for the federal government as well.
It was nice to see them take the breaks of for the last couple of minutes. Started to look like normal action.
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