Friday, January 30, 2009

How many lives do we have left?

Well we had a fairly narrow range on very low volume without any real stops in between. If you review my support and resistance numbers you can see how they came into play but none provided proper support with only the 861-862 giving resistance in the morning before we broke lower.

Not holding the 850 range with at least some support is quite surprising but also shows that traders and investors are getting tired of the back and forth action and choose to remain on the sidelines.

Its Friday today, end of the month, and we are back to where we started a week ago. My call for being 60 points away last weekend did not hold true and I can see ourselves closing slightly below the 840 today. I would expect volume to remain calm with a potential of a run into the high 830's.

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