Tuesday, February 22, 2011

Only Second Revisit to 20 Day Moving Average Since Thanksgiving

Finally an exciting day.... this is only the second episode (Egypt being the other) where the S&P 500 has retraced to the 20 day moving average since Thanksgiving.  Let's see what the dip buyers do.

Bears will want at minimum a close below the 20 day, and to stay there for a few days.  If that happens, a good chance like in November a move to the 50 day (which of *course* would be the buying opportunity of the decade) ;)  But the bears mortal enemy - the first day of the month - is next week so let's see what is in store... 

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