Market Wrap 5/13/2009

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Haven't been posting much lately. Have been wrapped up in a couple new trading strategies that are doing quite nicely. Will be trading them live soon...

Today was a 90% down day according to my self-made chart. The McLellan Summation is also turning down and about to cross its 10 day SMA. Stocks above their 50 day SMA is also starting to turn down. Gold is starting to go up. The S&P topped out at 930 so far, right below the 10 month SMA at 933... hmmm!? The S&P 5 day SMA is about to cross below the 9 day SMA, the first time since early March. The S&P also crawled above it's 13 wk SMA last week. Haven't had a full week above that SMA since Sept 2007!!

Today was also a distribution day for the S&P 500, DJ30 and NYSE. Have about 5 dist. days for the S&P for the past number of weeks which isn't good either.

No reasons to get excited. Some form of pullback is still coming and an eventual woosh to the bottom at some point...