Wednesday, May 11, 2011

Back to S&P 1340

Interesting how the market keeps getting pulled back to this "breakout" level.

[click to enlarge]

Dollar up? Check (+0.8%)

Market must go down then.... as HAL9000 decrees.

There is a one day delay on this chart, but essentially the USD is sitting right at the 50 day moving average.  A break above it would be very interesting.

If you want to bring out your bear claws, what do you want to see from here? I suppose the dollar rallying and more importantly a break of last week's lows... i.e. close below S&P 1330.  For now it remains a chopfest and I imagine many (including me if I was out there) are getting fingers and toes snapped off.

p.s. Copper down 11 cents to $3.90.   We noted the weakness there Monday.

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