Will 20sma hold?

Posted by downtowntrader | 3/29/2007 08:21:00 AM | 0 comments »

The indices had a weak day yesterday and have given up most of the fed release day gains. They should find some support at the 20sma and minor breakout area, but it may not last long. It looks like a descending channel is starting to form and there is a decent chance that February highs won't be tested for quite some time.

Here is a chart of the Q's showing the possible channel in red and the possible support nearby.

Here is another Madrid photo. This is a street shot at dusk. From what I've seen this city is always moving, yet not in a hectic New York kind of way. The hours are pretty interesting too, as most places won't serve lunch till after 1:30 or 2, and dinner till after 8.

For anyone interested in a great piece of research on Dynamic Materials Corporation (Public, NASDAQ:BOOM), check out RegulationFD. It's a very, very long read, but well worth it for longer term core traders and investors.

I'm short of time again, so good luck today.