Thursday, July 26, 2012

The optimism won't last

The optimism following comments from the ECB's Draghi is showing signs that it won't last.


The SPY began strong and has sold off through out today's trading. The price on the SPY briefly touched the swing level around the $136.4 level we previously mentioned but is showing no signs that it will pop over it.


On an intraday basis, every attempt at a rally has been on lower volume and met with sellers. The volume and trend appears to be with the sellers at the moment.

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