Friday, September 23, 2011

Before the Bell 9/23/11


The Market, Technical
Are we having fun yet? I don’t need to tell you that yesterday was brutal with the Averages (DJIA 10733, S&P 1129) down big. Nevertheless, both closed within their intermediate term trading ranges (10725-12929, 1101-1372). In other words, they held the August lows, though the DJIA closed perilously close to its low. Further the S&P followed the DJIA below the lower boundary of its short term up trend; and did so with such force that the distance element of our time and distance discipline confirms the break of the short term up trend.