Monday, June 14, 2010

Stocks Open Higher But Sell Off Into The Close


Stocks gapped higher this morning but sold off late in the afternoon on news that credit rating agency Moody's lowered its rating on Greece's debt to junk status.

The S&P tested the high of this month today but was unable to close above this key level. You'll notice in the lower panel that the MACD is on a clear buy signal. Recently, the MACD signals on this chart have been good for several weeks once we have a decisive crossing which is what we have now. Let's see what happens tomorrow.

2 comments:

Erynn said...

Kevin- your posts and knowledge are always spot on. About this post and your gut feelings when do you decide to purchase? I always seem to be way to early or way too late. Thanks and keep up the great work. Tom

Kevin said...

Hi Tom,

I bought some stuff last week. I usually look at the 60 minute charts to help time what I am seeing take place on the daily time frame. I try to avoid trading off my gut because whenever I do, it's usually wrong!

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