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.




Joey

The general indices are all hovering near their 50day sma's and the picture is mixed right now. The indices are short term overbought on stochastics, but still not really overbought. There might be a few more days of sideways movement before a bigger move occurs.

As I mentioned, I've been in Madrid, Spain the past few days and I have to say, this is a pretty city. The people are friendly and I like the architecture of the buildings. I've been to the Musee del Prado, and most of the sites in Madrid. Here is a photo I took of the Royal Palace in Madrid.



Unfortunately, I have been working my tail off during the week, but I have had a chance to sample some restaurants in the evenings. We might be able to get out of the city this weekend and visit Toledo, or even Barcelona. I'll try and post more pics throughout the week.


Good Luck to those trading,




Joey

I'll be out of the country for the next 11-13 days so posting will be quite erratic. I thought I would have some time to review the markets over the weekend but let's just say, it didn't happen. I will try and post some analysis and maybe some pics over the coming week. Good Luck,



Joey