Monday, May 10, 2010

back in the buy zone

The percent of stocks trading above their 40dma has dropped to 15%. Now we are back into the buy zone. I'm looking for the S&P to trade between the 50dma(1170) and 200dma(1090). This will only be a short term buy, as the market has made a major trend change that will last through August 10th, 2010. I'm expercting more downside through the summer.