TOTAL INTRA-DAY REVERSAL
2 November 2009 by TPC
1 Comment
S&P futures have reversed this morning’s gains for a full 2% decline. High beta is leading the charge down on heavy volume. Not exactly the kind of action you see at a bullish reversal point in a rally. Of course, we’re not day traders here at TPC nor do I emphasize such trading, but this it notable action on a day when the data appeared quite positive.
Yet again, the Transports are collapsing vs. the overall market.
I don’t see how the broad market can advance at all while the .DJT continues unabated to the downside.