I was out and about today and really didn't pay attention to the news or the market. Seems I heard the Payroll report was better - YEA! But they forgot to adjust for the 58,000 striking Verizon employees going back to work!! BOO! And the unemplyment rate stayed at 9.1 percent. Ho-Hum~ I'm sleepy already. What? Huh? I was snoring?
On to the charts. OMG! Shiver me Timbers~ Shades of Seabiscuit! What was it that I mentioned yesterday? Could it be, could it be? Yes by golly gee it was! The 500 SMA and the 50 SMA! OMG~ And what happened today folks? Did the DIA really hit the 50 SMA and turn tail? Can you say "resistance level"? OMG~ And we even closed just under the ....... the ........ go ahead ...... say it ......... 500 SMA. Folks the elevator has left the penthouse and there is only one way to go - DOWN!! The real question is are we going to the first floor or the basement??
One changes in the trend table today. Have a great weekend~
CURRENT MARKET TRENDS
Long Term (Weekly Chart) - Down
Medium Term (3 day chart) - Down
Short Term (Daily Chart) – Down
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