Monday, May 11, 2009

Intraday Updates

Thus far today the bulls have done a very good job of holding support. These are intraday updates of the daily charts -- look how well support held this morning. If the sell-off is to gain any traction then the bears have to push through the following support levels:

XLB 26 area held. If that goes later in the day, watch for a dive to 25.


The 20 SMA held on the QQQQ; the Nasdaq was the weakest index last week, and now is the first one to bounce.




KOL bounced near support (and 200 MA)in the 21.4 area.


Perfect example of one of our favorite commodity plays, BTU, bouncing on previous minor support of 31.

XME bounced on 35 support.



Watch those levels -- if they go and selling accelerates then it's likely this is not just a 1 day pull-back.