Thursday, June 9, 2011
The market reached oversold at the close yesterday as reflected in the Daily Technical Composite. This will require more than 1 day to relieve the pressure. I exited 2% SDS at 22.08 and re-entered at the DJI critical M/A. SP futures 30-minute M/A will only be broken by a 30-minute close higher than 1289. This will indicate the rally will probably extend into tomorrow and relieve the oversold condition.