I Must Close Above the 200 Day
I must close above the 200 day moving average….I must, I must
Repeat after me… robots only, please.
That seems to be the market’s mantra today.
I have this vision of someone or something deep in the bowels of the NYSE shouting out “we need more god dammit…give us more”. All the while, music from the “Wizard of Oz” is in the background going “Whoa eee oh!….whoa…Whoa eee oh!….whoa”. It is hell or high water, we need to get to that 200 day moving average.
I have no clue where the day might end, but as mentioned before, it does effect some of my trading strategies. Of note, today’s volume is pathetic. As of 2 p.m., the S&P Depository Receipts (symbol: SPY) is 40% of the 50 day moving average. Of course, none of this matters until it does, and of course, there will always be another data or news story point that could provide hope.
So be it. This is the market we are left to deal with.
Category: commentary, Equities
