Wednesday, June 01, 2011

Market Damage SPY

We took out 3 major moving averages today, 20SMA, 50SMA, and  tagging the 100 SMA which  finally stalled the bleeding.    From a technical point of view we’re working with damaged goods now.   We’ll spare you the “stock picker’s market, be cautious, raise cash” cliches, but we think we’re in for a range bound grind of a summer going forward.   Oh yes, and this will be  a stock picker’s market, please be cautious and raise some cash.  :-)
Four slow steps up, and one very dirty fast move down.