The Wrap 11/2/11



This continues to be a trying market. The bulls tried today, but the volume was very light and we will need to see strong volume to scare the shorts to higher levels.

As bad as the last two days have been, the bulls (believe it or not) are still in charge. Why? The S&P is holding the 20 day moving average and is still about 50 handles above the 50 day moving average. 1222 is the 20 day and we broke that level today but rallied above it.

Everything still depends  on Greece and Europe. I am getting weary of writing about it and trading against it, but it is what it is.

No names tonight. Here is a post I wrote earlier this evening in case you missed.  Hang in there and I will see you in the morning.




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