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Thursday, February 14, 2013

Daily update 2/14

SPX has managed to gain 4 points over the last four trading days.  I guess that means the best prediction for tomorrow is that we will close up 1 point.  The Dow remained below 14000 today.  Here is the daily SPX chart.

The volume increased again today and quite a bit.  That seems rather odd given the tiny move up.  The SPY daily volume was actually a bit lower today then yesterday.  Lets zoom in to the SPY 195 minute chart.

We do have a potential double top forming over the last two days.  A break of this morning's low would confirm that pattern. 

The TLT daily chart is kind of interesting tonight.

TLT has spent the last nine trading days inside the range of the 2/1 big down bar.  Yesterday was a high volume doji bar as it tested that earlier low.  Today was a high volume bar to the upside.  This looks like it could be forming a bottom.  This bears watching as it could mean a rotation from stocks back into bonds is about to start. 

We have had several slow creeps north in the stock market over the last few years.  This one point a day is the smallest one yet.  I think this rally has about run its course.


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