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Adam Sarhan Reuters Gold Quote
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August 2010's Monthly Stock Market Commentary
This data indicates that Monday, April 26, 2010 appeared to be a very important day for the market because that is the day that most of the popular averages printed their near-term highs and negatively reversed by closing lower from new recovery highs. In addition, after such hefty moves, a 10-18% pullback, if the indices can prove resilient enough to hold their ground near current levels, would be quite normal before the bulls return and send this market higher. However, if the 2010 lows are further breached, then odds will favor that even lower prices will follow. In addition, the downward sloping 50 DMA line undercut the longer-term 200 DMA line for many of the indices which is known as a death cross and is not a healthy sign. Trade accordingly. Never argue with the tape, and always keep your losses small.
