Monday, January 7, 2013

Monday Evening - or any evening for that matter


All of the major indexes were down today but it could have been worse.  We could really use a few days to consolidate the moves from last week.  Volume on the S&P 500 was nearly equal to Friday and both were just under the 50 day moving average.  Healthy, in my humble opinion.

Monday Afternoon

QIHU Daily Chart (11:35)
It's hard to see but volume is already pushing on the 50 day moving average and will likely exceed the last 3 candles (all green.)   The stock is definitely extended but I wouldn't short it (or buy puts) but if I were long (no position) I would be using the previous day low as my stop.

Monday morning