A technical matter..
Tuesday, June 15, 2010 at 07:03AM The Bears will cite today’s action as another failure at around 200ma levels. In our view, we have to consider as to how fast we got here since Thursday’s ECB conference.
For one thing not many expected a follow through day on Friday as to 2 consecutive days of gains had become a rare occurrence. Today’s early gap/ action strength and a high of 1106 was even a bigger surprise most likely. A little too fast and therefore definitely an oppy’ to take some profits knowing full well 200ma breakout would not be so easy and more importantly....so quickly accomplished!. We should just be happy we closed above the 20ma for a second day and the fact we are basing in the 1040-1110 day now for 4 weeks (21 trading days), which will make any breakout to the upside that more important and credible. So, basically we`re in technical purgatory!. The way the things are shaping up, this range is coming right in to the hands of earnings announcements to decide its summer fate.